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- European session review: GBP edges lower after UK's in-line Q2 GDP data
European session review: GBP edges lower after UK's in-line Q2 GDP data
| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|---|---|---|---|---|---|
| 06:00 | United Kingdom | Industrial Production (MoM) | June | 0.6% | 0.3% | -0.7% |
| 06:00 | United Kingdom | Manufacturing Production (YoY) | June | 28.2% | 13.5% | 13.9% |
| 06:00 | United Kingdom | Industrial Production (YoY) | June | 20.7% | 9.4% | 8.3% |
| 06:00 | United Kingdom | Manufacturing Production (MoM) | June | 0.1% | 0.4% | 0.2% |
| 06:00 | United Kingdom | Business Investment, q/q | Quarter II | -10.7% | 2.4% | |
| 06:00 | United Kingdom | Business Investment, y/y | Quarter II | -16.9% | 9.7% | |
| 06:00 | United Kingdom | GDP m/m | June | 0.6% | 0.8% | 1.0% |
| 06:00 | United Kingdom | Total Trade Balance | June | -0.2 | -2.5 | |
| 06:00 | United Kingdom | GDP, y/y | Quarter II | -6.1% | 22.1% | 22.2% |
| 06:00 | United Kingdom | GDP, q/q | Quarter II | -1.6% | 4.8% | 4.8% |
| 06:00 | United Kingdom | GDP, y/y | June | 24.5% | 14.9% | 15.2% |
| 08:00 | France | IEA Oil Market Report | ||||
| 09:00 | Eurozone | Industrial Production (YoY) | June | 20.6% | 10.4% | 9.7% |
| 09:00 | Eurozone | Industrial production, (MoM) | June | -1.1% | -0.2% | -0.3% |
GBP depreciated against most of its major rivals in the European session on Thursday, as the UK's in-line Q2 GDP data were not seen to be enough to make the Bank of England (BoE) change its monetary policy stance.
The Office for National Statistics (ONS) reported that Britain’s GDP grew by 4.8% q/q in the second quarter of 2021 after a 1.6% q/q contraction in the previous quarter, as activity and demand rebounded amid the easing of coronavirus restrictions. This was in line with economists’ expectations. On a y/y basis, the UK GDP surged by 22.2%, following a 6.1% decline in the first quarter. This marked the fastest pace of expansion on record and was broadly in line with economists’ forecast of a 22.1% growth. Despite solid Q2 expansion, the UK’s GDP was 4.4% below pre-pandemic levels.
Market participants said that they do not expect that the latest data will force the BoE to change its policy stance, as it is expected that the UK’s economic growth will slow down in the third quarter.
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