10thNovember 2023
Friday
On November 10, 2023, the UKis set to unveil its monthly Gross Domestic Product (GDP) figures, while theUnited States will release the Preliminary University of Michigan (UoM)Consumer Sentiment Index. These economic indicators will provide valuableinsights into the economic performance and consumer sentiment in bothcountries.
GBP - GDP m/m
This indicator holds significant importance as it constitutes the most comprehensive gauge of economic activity and plays a pivotal role in assessing the overall health of the economy.
In August 2023, the UK's monthly real GDP saw a 0.2% increase, following a 0.6% decline in July 2023. It's worth noting that these figures incorporate revisions to prior months as part of the National Accounts Revisions Policy. In a broader timeframe, GDP exhibited a 0.3% growth over the three months leading up to August 2023, compared to the three months ending in May 2023. Notably, the production sector played a significant role in driving this growth, expanding by 1.2%. Additionally, there were modest increases in the services and construction sectors, with growth rates of 0.1% and 0.9%, respectively.
TL;DR
Period
Overall GDP Growth
Production Sector Growth
Services Sector Growth
Construction Sector Growth
1 July 2023
-0.6%
2 August 2023
+0.2%
3 May 2023 to August 2023 (3 months)
+0.3%
+1.2%
+0.1%
+0.9%
The upcoming release of the GDP m/m data is scheduled for November 10, 2023, at 07:00 AM GMT.
The GDP m/m forecast points to a minor decrease, with expectations at0.1%, down from the previous figure of 0.2%.
Last time, the UK GDP m/m was announcedon the 2nd of November, 2023. You may find the marketreactiongraph (GBPUSD M1) below:USD - PrelimUoM Consumer Sentiment
Financial confidence acts as a leading predictor of consumer spending, which is a pivotal force influencing broader economic activity.
In October 2023, the University of Michigan's consumer sentiment index for the US was revised slightly higher to 63.8 from a preliminary reading of 63. However, this figure marked a notable decline from the previous month's 68.1, reaching the lowest level since May. The sub-index measuring consumer expectations also saw a significant drop of 9.9% to 59.3, primarily due to growing concerns about business conditions and personal financial situations. To a lesser extent, the decline was attributed to the impact of negative current events both domestically and internationally. Meanwhile, the sub-index measuring current economic conditions showed a slight decrease of 0.7% to 70.6.
TL;DR
Index Component
October Revised
October Preliminary
September
Change from Previous Month
Notes
1 Overall Consumer Sentiment
63.8
63.0
68.1
-6.3 points
Lowest since May
2 Consumer Expectations
59.3
-
-
-9.9%
Concerns about business conditions and finances
3 Current Economic Conditions
70.6
-
-
-0.7%
Slight decrease; impacted by domestic and international events
The upcoming release of the Preliminary University ofMichigan (UoM) Consumer SentimentReport is scheduled for November10, 2023, at 3:00 PM GMT.
The Preliminary UoM Consumer Sentiment forecast suggests a marginal uptick to 65, up from the previous reading of 63.8.
Last time, the US Preliminary UoM ConsumerSentiment Report was announced on the 13th of October, 2023.You may find the market reactiongraph (EURUSD M1) below:
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