| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | United Kingdom | Manufacturing Production (MoM) | March | 1.2% | -0.4% | 0.3% |
| 06:00 | United Kingdom | Industrial Production (MoM) | March | 1.0% | -0.5% | 0.2% |
| 06:00 | United Kingdom | GDP m/m | March | 0.2% | 0.1% | 0.4% |
| 06:00 | United Kingdom | GDP, q/q | Quarter I | -0.3% | 0.4% | 0.6% |
| 06:00 | United Kingdom | GDP, y/y | Quarter I | -0.2% | 0% | 0.2% |
During today's Asian trading, the US dollar consolidated against major currencies after a moderate decline yesterday, caused by weaker-than-expected data on the US labor market.
The US Dollar Currency Index (DXY), which tracks the dynamics of the dollar against six currencies (euro, swiss franc, yen, canadian dollar, pound sterling and swedish krona) rose by 0.01% to 105.24. Yesterday, the index fell by 0.28% after the Ministry of Labor reported that the initial jobless claims increased by 22,000 to 231,000 in the week ended May 4. Economists had predicted 212,000 claims. The latest data indicates a slight weakening in the jobs market, bolstering expectations that the Fed’s interest-rate cuts may happen sooner than previously expected. According to the CME FedWatch Tool, markets see an 8.5% probability of a 25 basis point rate cut at the Fed meeting in June, a 33.1% probability of a rate cut in July, and a 67.9% probability of monetary policy easing in September. Gradually, the focus of investors' attention is shifting to US inflation data - a report on producer prices for April will be released on Tuesday, and the consumer price index for April will be published on Wednesday. Traders will watch for signs that inflation has resumed its downward trend toward the Fed's 2% target rate.
The pound rose 0.1% against the US dollar, helped by positive UK GDP data. The Office for National Statistics (ONS) said that UK GDP grew by 0.6% in the first three months of 2024 after falling by 0.3% in the fourth quarter of 2023. This was the strongest growth since the 4th quarter of 2021. Economists had expected the economy to expand by 0.4%. In annual terms, GDP grew by 0.2%, offsetting a decline in the 4th quarter (-0.2%). Consensus estimates suggested that GDP would remain unchanged. Meanwhile, monthly estimates show that GDP increased by 0.4% in March, accelerating compared to February (+0.2%, revised from +0.1%). Economists had expected GDP to grow by 0.1%.