Global macro overview for 30/09/2015

The UK economy grew 0.7% according to latest data, matching the previous estimate and market consensus. Moreover, the UK annual GDP growth was revised down to 2.4% from 2.6% despite the fact that all 35 economists polled by the Reuters agency expected no changes or upward revision. The reason behind that might be hidden in the UK business investment annual growth rate that slowed down to 3.1% in Q2, the lowest level in 5 years. Surprising data on the UK current account deficit unveiled substantial narrowing to £16.8 billion (3.6% of GDP) from a downwardly revised £24 billion in Q1 (5.2% of GDP). This is a big improvement in the current account margin and overall good pack of economic data from the UK. It will definitely have some impact on BoE interests rate decision.

The GBP/USD pair is currently bouncing from the daily support level of 1.5171 after eight days of losses. The next daily resistance is seen at the level of 1.5329.