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USD Stabilises as Fed Chair Speculation Emerges Ahead of Key Eurozone GDP Data

The USD has shown small signs of a recovery in the opening session of Friday, carried on from Thursday afternoon. Recent catalyst is that rumours from the US indicate that the next Fed Chair could be Kevin Warsh. Views on candidates suggest that Warsh would be the most market-friendly applicant and leading to support for the USD in the near term. Even if we have seen USD gains against both the EUR and GBP since yesterday, its relatively small compared to the scale of selloffs through the week and GBP and EUR still holding strong positions to the USD. One factor that might have dampened the potential gains from the USD was the possibility of a US government shutdown. It has at least not happened yet and if it would occur, we could see additional USD strength on the back end of it.

Friday brings a bundle of data from the Euro block with GDP figures from Germany and Italy followed by the overall readings for the European Union. Noticing an uplift for both nations compared to its previous readings and forecasts for both quarter-on-quarter and year-on-year. For the European Union expectations is a small decline Quarter-on-Quarter by 0.1%, while year-on-year is forecasted with economic growth slowing down by 0.2% to a total of 1.2%.

GBP/EUR 1.1519 GBP/USD 1.3738 GBP/AED 5.0480
GBP/AUD 1.9657 GBP/CHF 1.0563 GBP/CAD 1.8599
GBP/NZD 2.2730 EUR/USD 1.1911 GBP/ZAR 21.9407

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