A surprising move last week came from the British Pound. While the cable initially remained muted to the market turmoil which saw the risk aversion sentiment send the safe haven Yen and the Swiss Franc soaring, the British Pound was practically flat earlier in the week. However, the cable plunged right after the rate cuts from China, whereby the US Dollar surge off its weekly lows. GBPUSD ended the week with losses of -1.97% after briefly testing the highs above 1.58 to close Friday’s session at 1.539. The UK’s second quarter revised estimate for the GDP was unchanged at 0.70%. In contrast, the US revised second quarter GDP estimates saw a sharp revision to the upside with the Q2 GDP in the US rising 3.70%, beating the median forecasts of 3.20% and leaping wildly from the initial estimate of 2.30%.
Markets Regain Health, Yet a Full Recovery is Precariously Perched
Weekly Report - 30/08/2015