UK GDP unable to boost the Pound

• GBP - Second Estimate GDP q/q: 0.7%
• CAD - Core Retail Sales m/m: -0.3%
• USD - FOMC Meeting Minutes
• AUD - Private Capital Expenditure q/q: -2.1%

Yesterday morning, the UK posted their second reading of GDP for Q4 last year. The figure registered a better than expected 0.7%, against a forecasted 0.6%. The Pound ticked slightly higher after this release. However, gains were capped as this is the revised second reading of growth in the UK. Trade and consumer spending provided the majority of growth last quarter. However, the broad consensus among investors is that the prospects for the economy will be damaged by Brexit for a long time to come.

The Federal Reserve published the minutes of its January meeting last night. Economists’ were looking for any signs among policy makers on the timing of the next interest rate rise. The Fed’s tone was relatively hawkish as many officials expressed confidence that they can raise interest rates gradually, while a hike “fairly soon” might be appropriate in order to avoid the risk of inflation.

• USD - Unemployment Claims
• USD - Crude Oil Inventories
• AUD - RBA Gov Lowe Speaks 

There is generally a European theme to the day, with the key data providing a further reading of the health of the key German economy. There will be further interest provided by ECB member Peter Praet, presenting a number of speeches in London about Brexit and financial services.