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The dollar strengthened slightly in relation to the single European currency, however, it did not last long. In many ways, this is due to the not-so-good data on U.S. GDP for the third quarter. Of course, the rate of economic growth accelerated from 2.2% to 2.3%, although higher is expected. The pound did not notice the data on U.S. GDP at all since the Europe did not publish any data yesterday but the published data on government borrowings from the U.K. grew by 8.1 billion pounds. The growth of public debt is not the best reason for optimism, but they were waiting for a growth of 8.3 billion pounds, so it has somewhat pleased investors.
In principle, the topic of public debt has become decisive, in particular, many worried about raising the limit of US public debt but this is a purely technical matter. Even if there are no concerns on this matter, the Congress will not eventually give its good. In the past, there is only one example, which is when Congress pulled with a decision. Even a few days it was enough for the U.S. to sense what it might turn out for themselves. It is unlikely that Congress will repeat such a focus in the near future.
Today, the final data on U.K. GDP for the third quarter are coming out and they must confirm that the economic growth rate remains at 1.5%. Later on, data on personal income and expenditure in the U.S. came out which should grow by 0.4% and 0.5% respectively. A large increase in spending on the Christmas eve indicates an increase in consumer activity, which will have positive effect the dollar. Moreover, orders for durable goods can grow by 2.0%. The only thing that can somewhat overshadow this day for the dollar is the sale of new homes, which should be reduced by 4.7%. However, the data will only stop the growth of the dollar.
The EUR/USD pair will continue to decline, and the benchmark is 1.1820.
The GBP/USD pair is also waiting for a decline to the level of 1.3350.
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