UK Q1 GDP quarterly estimate got revised higher
But I'm not buying into the positive revision though. ONS mentioned that the jump owes largely to "significantly improved methods" for measuring construction output. And looking at the details, there isn't any major positives that I can point to in the report.
The market came in without hoping much, so I guess that counts as a minor win for sterling bulls. Either way, sterling is trading higher as a result but I'd look to fade any move - though probably not via the dollar.
The greenback is once again hit by a bout of offers. It fell to session lows against the sterling, swissie, loonie, aussie, and kiwi all at the same time. This comes as the dollar index moves back below the key near-term support levels earlier:
I'd be watching that chart really closely going into US trading later. A break below those hourly moving averages would turn near-term sentiment bearish and it's more likely that we will see an extension to the downside in the dollar when that happens.
As for now, we're right on the brink so keep your pop corns and trading caps ready because things could be starting to heat up.
