Nasdaq nears records. UK GDP, US CPI in focus – By LCG Research Team

 

A slightly weaker finish on Wall Street is setting the tone for European shares as traders await the next move from the White House in the US-China trade war. A rally in Amazon shares pushed the Nasdaq up close to a new record but uncertainty around Tesla and its plans for going private were a drag. The strong showing in tech and US small caps demonstrates an isolated strength in the US markets that is not evident more globally.

 

UK GDP data out today could provide some respite for Sterling, if it can come ahead of the low expectations of 1.3% y/y growth. GBPUSD hit fresh lows at 1.28 overnight as Brexit concerns and a dovish outlook from the BOE continue to plague the currency.

 

Later on there is inflation data from the US, which is expected to hold at a solid 2.3% y/y. The release could provide some movement in the short-term but in the context of 4% US GDP growth, it seems likely the rise in the dollar will be unperturbed.

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Jasper delivers regular commentary, seminars and webinars on market news, trading analysis, strategy and psychology. He is regularly interviewed by BBC News, Bloomberg, CNBC and Sky News, and has featured in The Times, Guardian and Daily Telegraph. Jasper hosts a weekly charting analysis webinar. He is qualified as a Chartered Market Technician (CMT) with the Market Technician Association, and has a degree in Finance and Economics.