Free Trial
US TSY OPTIONS

10Y Call Tree, Net Vol/Call Skew Sale

US TSY FUTURES

Bonds Extend Lows, Corporate Hedging? GE Healthcare Jumbo

CROSS ASSET

Broader base buying in the Dollar

COPPER TECHS

(Z2) Holding On To Its Recent Gains

Real-time Actionable Insight

Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.

Free Access

MNI BRIEF: UK July GDP Offers Few Clues For BOE Policymakers

(MNI) LONDON
(MNI) London

UK economy recovered modestly in July but growth still sluggish, offering little in the way of direction for the MPC

True

UK GDP grew 0.2% in July, slightly below market expectations for a 0.3% increase, but a recovery from the 0.6% decline seen in June, the Office for National Statistics said Monday. Rolling 3-month growth was flat on the previous 3 month period, again a tenth below expectations.

The data was largely in line with Bank of England expectations, who in its August forecast pointed to modest growth in Q3, before 5 straight months of decline from Q4 2022. However, the BOE may now be more concerned that the announcement of an additional Bank Holiday for the Queen's funeral on Sept. 19 may even tip Q3 into modest negative growth, although the government's recently announced energy payment scheme could prevent any worst case outcomes.

Keep reading...Show less
175 words

To read the full story

Why Subscribe to

MarketNews.com

MNI is the leading provider

of news and intelligence specifically for the Global Foreign Exchange and Fixed Income Markets, providing timely, relevant, and critical insight for market professionals and those who want to make informed investment decisions. We offer not simply news, but news analysis, linking breaking news to the effects on capital markets. Our exclusive information and intelligence moves markets.

Our credibility

for delivering mission-critical information has been built over three decades. The quality and experience of MNI's team of analysts and reporters across America, Asia and Europe truly sets us apart. Our Markets team includes former fixed-income specialists, currency traders, economists and strategists, who are able to combine expertise on macro economics, financial markets, and political risk to give a comprehensive and holistic insight on global markets.

UK GDP grew 0.2% in July, slightly below market expectations for a 0.3% increase, but a recovery from the 0.6% decline seen in June, the Office for National Statistics said Monday. Rolling 3-month growth was flat on the previous 3 month period, again a tenth below expectations.

The data was largely in line with Bank of England expectations, who in its August forecast pointed to modest growth in Q3, before 5 straight months of decline from Q4 2022. However, the BOE may now be more concerned that the announcement of an additional Bank Holiday for the Queen's funeral on Sept. 19 may even tip Q3 into modest negative growth, although the government's recently announced energy payment scheme could prevent any worst case outcomes.

Keep reading...Show less