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Monthly activity data falls less than expected

UK DATA
  • UK data broadly better than expected with monthly GDP and all of its components falling less than expected. There was a 0.1ppt downward revision to May's print, but even so there was less of a downside than expected here leaving quarterly GDP -0.1%Q/Q (-0.2% exp).
  • Recall that June (and Q2) are negatively impacted from the additional Jubilee bank holiday (June 2 extra days of holiday, Q2 one extra day). So the data is still quite noisy and hard to interpret, but the overall narrative from a first look at the data is that it's not as bad as feared.
  • GBP saw a brief spike stronger but quickly reverted back to prior levels versus both USD and EUR.
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