UK GDP rose by 0.7% in Q2

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Friday, Aug 28 2015

UK GDP in volume terms was estimated to have increased by 0.7% between Quarter 1 (Jan to Mar) 2015 and Quarter 2 (Apr to June) 2015, unrevised from the previous estimate of GDP published 28 July 2015 and in line with market forecasts. GDP was estimated to have increased by 3.0% in 2014, compared with 2013, unrevised from the previously published estimate.

Britain’s strengthening economy and accelerating wage growth are pushing Bank of England policy makers closer to their first interest-rate increase from the current record low. While Governor Mark Carney has said tighter monetary policy is on its way, market volatility sparked by China’s currency devaluation has clouded the timing for central banks to step back from emergency settings.

Despite the figures Sterling fell after the data and is currently being traded few points above 1.5370 level. Pair is likely to find support around 1.53 handle and resistance above 1.5450 area. Later today, in the US session, Orders Trade Balance and Revised Consumer Sentiment figures are scheduled for a release.

More in this category: « Aussie little changed in a quiet morning trade Consumer spending supported by wage growth »

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