The Pound Sterling (GBP) faces selling pressure against its peers on Friday after the release of weak United Kingdom (UK) Gross Domestic Product (GDP) and factory data for May. The Office for National Statistics (ONS) reported that the UK economy declined by 0.1% on month, against expectations of a 0.1% expansion. In April, the UK GDP contracted by 0.3%, extending the decline in economic activity for a second straight month. The poor performance of the industrial sector was one of the reasons behind the economic contraction, data from the ONS showed.. Month-on-month Industrial Production...
The US Dollar (USD) is ending the week on a firm note, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report, Scotiabank's Chief FX Strategists Shaun Osborne and Eric Theoret report. "More tariff threats 35% on Canada from August 1, baseline 15-20% tariffs elsewhere and a suggestion from President Trump that the EU could get its tariff letter shortly boosted the USD and weighed on the major currencies. The CHF is resisting the USD advance though while the JPY is underperforming, along with high beta FX. The USD gains reflect increased risk aversion amid weaker equities...
Oil prices edged up on Friday, as investors weighed a tight prompt market against a potential large surplus this year, according to the International Energy Agency, while U.S. tariffs and possible further sanctions on Russia were also in focus. Brent crude futures were up 40 cents, or 0.58%, at $69.04 a barrel as of 1027 GMT. U.S. West Texas Intermediate crude ticked up 45 cents, or 0.68%, to $67.02 a barrel. At those levels, Brent was headed for a 1.1% gain on the week, while WTI was little changed against last week's close. The IEA on Friday said the global oil market may be tighter...