Daily Market Update
with Shawn Cruz

5 min read

Pound and Euro Fall Against the Dollar Despite Positive Economic News Across the Atlantic

Shawn Cruz, Head Trading Strategist, TD Ameritrade

(Friday Market Open) The U.S. dollar was rising ahead of the market open as the British pound slid on better-than-expected economic news. 

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Great Britain reported a smaller-than-expected contraction in gross domestic product (GDP) and industrial production. Despite the positive news that should allow the Bank of England to continue increasing rates to combat inflation, the pound fell against the dollar.

Additionally, the euro fell against the dollar despite rising inflation in France and higher industrial production gains in the Eurozone. These are signs that the European Central Bank has more work to do in combatting inflation, which should be strengthening the euro.

The London FTSE 100 was up 0.37% and the Stoxx Europe 600 was up 0.11% over night. In fact, European markets were in the green across the board with the German DAX rising 0.5% and the French CAC 40 increasing 0.21%.

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