In the early hours of this morning in the UK, the pound gained as much as 1.5% against the US dollar within seconds. A trader is blaming his ‘fat fingers’ for the mistyping of a transaction that saw hundreds of market orders automatically fill. The pounds gain was only short lived as it quickly moved from the 1.5% appreciation to only a 0.5% appreciation.
A relatively quiet day in the UK today with only the Halifax house prices scheduled to be released – the annual growth rate is expected to increase.
The final estimate of the Q1 GDP is expected to be unrevised at 0.5% for the quarter confirming that domestic demand was the main driver for the growth so far. Both German and Spanish Industrial production are set to be released (German industrial production has already ben released where a slight increase was seen).
Another quiet day in the US, but an unexpected fall this morning due to ‘fat fingers’ may set up a more interesting day than first anticipated. The Reserve bank of Australia kept interest rates unchanged at 1.75% after they were dropped last month.
Morning Market Rates