The Eurogroup Meeting is Scheduled to Conclude Today

The Eurogroup Meeting is Scheduled to Conclude Today

The market will be closely monitoring the two-day Eurogroup Meeting, which is set to conclude today. According to the sources from the Council of the European Union, the gathering will be held the day before the Economic and Financial Affairs Council Meeting and will be participated by the Finance Ministers of the EU countries. Furthermore, the Eurogroup will be exercising political control over the euro and solely its members can vote on euro-related issues. 

Since the Eurogroup decisions have an impact on the value of the euro quotes, the market participants who are trading in the currency are recommended to observe the decisions taken in the meeting and the major points included in the speech. 

The UK Released its GDP Today

The Office for National Statistics released the GDP of the UK on Friday at 06:00 GM and it had an increase in place of the estimated 0.0%. It had earlier rebounded 0.3% in January and now in February expanded 0.1%. The release indicates that the British economy will have a firmer basis in 2024, as the three-month average growth rate has improved to 0.2% in February from 0% in January, which was the highest level since August last year. It will next be unveiled on 10th May 2024 at 06:00 GMT.

Manufacturing Production was Published by the UK

The Manufacturing Production had an increase of 1.2% instead of a decline of 0.4% when it was revealed today by the Office for National Statistics at 06:00 GMT. The indicator represents the change in the value of goods produced in the manufacturing sector of the UK industry in February compared to January. A favourable effect was experienced by the pound quotes, as there was a growth in the indicator.