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Market View

Market Recap – UK’s GDP release

Wednesday, July 10, 2019 10:32 AM GMT

Having gone through a prolong time of uncertainty regarding the outcome of UK’s relations with the EU, UK economy is starting to slow down. Today the focus turns to the UK's GDP m/m release. Market participants are expecting 0.3% m/m growth but the probability of a negative surprise exists. Worth noting that both of the contestants for the leadership of the UK’s conservative party, that were having a televised debate yesterday,  were presented as being ready to leave the EU without a deal.

In the USA, the focus turns to Jerome Powel’s two days long testimony to the Congress. His yesterday’s speech to the event organized by the Federal Bank of Boston, provided no clue for the upcoming FOMC meeting, as it was limited to listing the benefits of banks’ stress testing and the need to evolve the stress testing procedures.

The positive news of the today is the stable Chinese inflation.

Macro releases: UK’s GDP growth at 9.30GMT, the monetary decision of the Bank of Canada at 15.00GMT and the US crude oil inventories at 15.30 are the most important releases of the day.


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