FXStreet (Delhi) – Philip Rush, Research Analyst at Nomura, notes that the UK GDP growth slowed slightly further than expected, to 0.5% q-o-q, but volatility in construction output can be blamed.
Key Quotes
“Less predictably and in the opposite direction, spurious volatility in household goods drove upside in retail sales.”
“Public finance data are drifting short of the fiscal plans with one more month of data left before the autumn statement. The consolidation challenge is exacerbated by rejection of tax credit cut plans in the House of Lords.”
“The Inflation Report is the main event this week, with the BoE facing a low hurdle to saying its conditioning rate assumption is too dovish. Meanwhile there’s a deluge of activity data in the PMIs, IP and external trade releases.”
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