Follow the BOE monetary policy and rate statements on August 6 at 14:00 MT time…
British economic surge adds in the second-quarter
The UK economy gathered just a little speed during the second quarter after nearly stalling at the beginning of the year, underpinned by the services sector as well as a flourishing film industry, as official figures disclosed on Wednesday.
Surge of 0.3% on the quarter from 0.2% in the first quarter – that’s an outcome, which is likely to cement hopes that the Bank of England will keep interest rates intact next week at their record minimum.
The outcome appeared to be i line with the median prediction in a Reuters survey of financial experts.
The previous year the UK economy gained 1.8%, thus becoming one the fastest of the world's seven key economies, ruining widespread predictions of downtime after the vote to abandon the European Union.
However, the Brexit vote provoked a huge drop in the value of the British pound, which has bolstered inflation, affecting consumers' disposable income.
The services industry turned to be the only driver of economic surge during the second quarter, backed by hotels, restaurants, and retailers, to say nothing of the UK rapidly growing film industry.
The market has started the week with a mixed sentiment…
The US NFP will be published on August 7 at 15:30 MT time.
The market sentiment is indeed risk-on today. Stocks, riskier currencies and gold are rising amid the waning US dollar.