GDP of the United Kingdom to be Released Today

The market is eager to know about the release of the first estimate of the UK GDP for the fourth quarter. When compared with the drop of 0.3% in the third quarter, now the economists are anticipating that the latest report will be indicating that the economy would be flat quarter on quarter. The much-anticipated indicator will be disclosed by the Office for National Statistics today at 07:00 GMT. The GDP is forecasted to be 0.3% when compared to the figure -0.3% as released on 22nd Dec 2022 at 07:00 GMT.

If there is growth in the key indicator that analyses national economic growth, it will have a favourable impact on the pound sterling. Henceforth, market participants who are trading in the British currency are highly recommended to observe and analyse the latest release of the Gross Domestic Product for the fourth quarter.

Unless GDP remained steady quarterly in Q4, the UK would have averted a technical recession, which consists of two consecutive quarters of GDP reduction. But, when the statistics are worse than expected and the GDP declines quarter on quarter in Q4, the economy will enter a recession.

EU Leaders Summit will be Concluding today

The gathering of the major leaders of the European region in the EU Leaders Summit will be concluding today. Even then, the events discussed during the meeting are crucial and they have to be observed by the market participants trading in the euro quotes. It is recommended so as the economic and political rhetoric of the participants of the summit will be impacting the euro quotes, at least for a short time, either positively or negatively.

The UK to Disclose Manufacturing Production

The Office for National Statistics will be releasing the Manufacturing Production today at 07:00 GMT. The indicator will be representing the change in the value of goods produced in the UK manufacturing sector. Market participants who are trading in pound sterling are advised to keep track of the changes in values of the indicator as it will be impacting the pound quotations.

When there is an increase in the readings, it will have a favourable impact on the currency. The release of Manufacturing Production is considered high-importance economic news coming from the business sector of the market. Financial experts are estimating it to be 0.0%. Meanwhile, when it was unveiled on 13th Jan 2023 at 07:00 GMT, the indicator stood at -0.5%.

The University of Michigan to Release the Consumer Sentiment of the US

The Consumer Sentiment in the US will be disclosed by the University of Michigan today at 15:00 GMT, which is predicted to be 65.8 by top economists. However, when the indicator that analyses how the consumers of the US would forecast the relative level of economic conditions was published on 27th Jan 2023 at 15:00 GMT, its readings stood at 64.9. Market participants who are trading in the American currency are advised to keep track of the changing values of the indicator, as it would impact the dollar quotations. Moreover, when there is a rise in the values of the indicator, it will have afavourable effect on the currency.

Baker Hughes Oil Rig Count will be Published by the US

Market participants who are associated with the oil and energy sector of the market are recommended to keep note of the changes in the readings of the indicator. When it was released on 3rd Feb 2023 at 18:00 GMT, the indicator stood at 599. The decrease in the number of operating oil rigs will be benefitting the oil and refinery product prices. Baker Hughes will be releasing the Oil Rig Count of the US today at 18:00 GMT. The Baker Hughes Oil Rig Count is used to determine the worldwide oil prices and the estimated supply or demand values of the energy industry. Its release is deemed medium-importance economic news coming from the business sector of the market.