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For the three months to July, the United Kingdom has faced its fastest economic surge for almost a year due to firm consumer spending provoked by the World Cup as well as unusually warm weather. That’s what official figures revealed on Monday.
For the three months to July, GDP rallied by up to 0.6% compared to the previous three-month period, as the Office for National Statistics uncovered, picking up pace from 0.4% surge for the three months to June - and also at the top end of estimates in a Reuters survey.
It has turned out to be the fastest surge since August last year, and it should reassure Britain’s key financial institution that had interest rates lifted the previous month for the second time for more than a decade, predicting third-quarter surge of about 0.4%, but just a lackluster 2018 leap of about 1.4%.
Besides this, the UK currency was nearly intact on the data that market experts told demonstrated that the British economy was soaring better than anticipated after a slow start to this year, even considering the effect of one-off factors.
Since the June 2016 vote to abandon the European bloc the British economy has speeded down, its annual surge rate dived from top spot among the Group of Seven wealthy countries.
Some business polls have demonstrated that companies postponing investment plans, while the terms on which the United Kingdom will escape the European Union, will be still unclear, thus posing the risk of disruption to currently existing trade pacts.
Monday's data revealed that in contrast with 2017, GDP surge in July alone jumped by 1.6%, while it managed to ascend by 0.3% since June, surpassing survey estimates for 1.4% annual surge as well as a 0.2% monthly profit.
In August, American home sales stood still, although inventory added for the first time for three years because the housing market kept struggling notwithstanding strength across the broader American economy…
The Canadian dollar has chances to keep trading at good levels. According to the recent statement of the Bank of Canada, the country’s economic data are in line with the forecasts.
The main focus today is on the UK retail sales, which are expected to fall by 0…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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