United Kingdom NIESR GDP Estimate

Description

The National Institute of Economic and Social Research (NIESR) provide an unofficial estimate of quarterly gross domestic product (GDP) in the UK. The report, which is released one month before the official government announcement, has proven to be highly reliable and relatively consistent with official government estimates.
Latest Release: 09-12-2014 15:00:00
Next Release: 06-11-2013 15:00:00
Source:National Institute of Economic and ...
EUR/USD Rebounds from 14-Month Low
Sep 9th, 2014 at 06:43 PM

The euro was under pressure on Tuesday, setting a fresh 14-month low against the US dollar before consolidating above 1.29 US, as a dearth of economic data kept investors speculating about monetary policy.

The euro-to-dollar exchange rate fell to an intraday low of 1.2860. The pair would subsequently consolidate at 1.2917, advancing 0.16 percent. Initial support is likely found at 1.2864. On the upside, resistance is ascending ta 1.2943.

The dollar was supported on Monday after the Federal Reserve Bank of San Francisco said investors may be underestimating how quickly interest rates will rise.

“An ongoing concern has been that the public might misconstrue the Fed’s forward guidance about future monetary policy and underappreciate the extent to which short-term interest rates may vary with future news about the economy,” said San Francisco Fed researchers Jens H.E. Christensen and Simon Kwan.

“Evidence based on surveys, market expectations, and model estimates show that the public seems to expect a more accommodative policy than Federal Open Market Committee participants. The public also may be less uncertain about these forecasts than policymakers.”

The central bank, eager to unwind its record bond buying program in October, is considering raising interest rates sooner than initially forecast. Earlier this year Fed Chair Janet Yellen said the first rate hike could materialize six months after the end of quantitative easing. Although she later retracted her comments, the latest batches of economic data reinforce the view the central bank could...