Better-than-expected growth

Better-than-expected growth

While UK MPs are still enjoying a Parliament break, European politicians are growing tired of the Brexit deadlock. Yesterday, European Council President Donald Tusk stated that “On both sides of the Channel, everyone, including myself, is exhausted by Brexit (…). However, this is not an excuse to say ‘let’s get it over with’.” The European Commission President Jean-Claude Juncker agreed but emphasised on the fact that the solution “will have to come from London, and the earlier the better”. Meanwhile, the European Commission has published today a preliminary “list of US products that the European Union may subject to countermeasures in light of the ongoing Boeing dispute at the World Trade Organisation (WTO)”. The news won’t please president Trump but could move the markets depending on his reply.
Last night, China released its latest GDP figures, proving to the world that the Chinese economy isn’t weakening: it grew at an annual pace of 6.4 per cent in the first three months of this year. Economists had expected growth to slow to 6.3 per cent, down from 6.8 per cent a year ago, mainly caused by the trade dispute with the USA. As a result, the EUR/USD pair jumped to 1.13 and could rise further if the US retail sales and jobless claims due tomorrow beat estimates.

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