Here are the key factors to keep in mind today for British Pound trades:
- UK Industrial Production & Manufacturing Production: Forex traders received some key economic data out of the UK which had an impact on the British Pound. Industrial production fell by 0.4% in July monthly which surprised economists who were predicting an increase of 0.1%. The 0.4% contraction equaled the contraction which was released in June and overall paints a bearish picture of the UK economy. Annualized industrial production rose by only 0.8% or almost half of June's annualized increase of 1.5%. Economists predicted a small slowdown to an annualized increase of 1.4%. Manufacturing production also surprised economists with a contraction of 0.8% monthly and 0.5% annualized. Economists predicted an increase of 0.2% monthly and 0.5% annualized, the same level of increase as reported in June.
- UK Trade Data: The trade deficit in the UK stood at £3.371 billion in July. Economists predicted a trade deficit of £1.950 billion. Forex traders can compare this to the trade deficit of £0.818 billion which was reported in June. The visible trade deficit in the UK stood at £11.082 billion in July. Economists predicted a trade deficit of £9.500 billion. Forex traders can compare this to the trade deficit of £8.507 billion which was reported in June. The non-EU trade deficit in the UK stood at £3.500 billion in July. Economists predicted a trade deficit of £1.825 billion. Forex traders can compare this to the trade deficit of £1.508 billion which was reported in June.
Here are the key factors to keep in mind today for Australia Dollar trades:
- Australian Westpac Consumer Confidence Index: The Westpac Consumer Confidence Index came in at 93.9 for September. Forex traders can compare this with the Westpac Consumer Confidence Index for August which stood at 99.5.
- Australian Lending Data: Home loans rose by 0.3% in July which was below predictions by economists who were looking for an increase of 0.8%. Forex traders can compare this to June's increase of 4.8%. Investment lending rose by 0.5% in July. Forex traders can compare this to the 0.5% contraction which was reported in June. The value of all loans rose by 2.2% in July. Forex traders can compare this to the 6.7% increase which was reported in June.
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