UK GDP in focus in the session ahead

The US weekly jobless claims yesterday helped to inject some life into markets, as we look to the final stretch of the week now. The dollar dropped as risk trades jumped, providing a bit of a teaser perhaps to next week. Things are calmer now with the dollar steadying a little but it’s still early in the day.

There will be watchful eyes for any follow through, especially with equities keeping a solid rebound since the turn of the month. The S&P 500 index itself is up 3.5% already in May trading.

The general dollar and risk mood will be the two key drivers to be wary of before the weekend now. And that won’t change with what we have on the agenda in Europe today.

UK GDP data is in focus and the one to watch will be the preliminary Q1 figures. They are estimated to show a quarterly growth of 0.4%, recovering from a 0.3% contraction in Q4 last year. But following the BOE yesterday, the impact should be rather limited for the pound today barring any surprise readings.

0600 GMT – UK March monthly GDP figures0600 GMT – UK Q1 preliminary GDP figures

That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.

This article was written by Justin Low at www.forexlive.com.