020 7898 0500The only release of note from the UK yesterday was the Gfk consumer confidence which was expected to hold steady at -9 but actually dipped to -10 in July. British households were shown to have been more unlikely to make major purchases last month than at any other point this year. Rising uncertainty over Brexit has also led to a deterioration in expectations regarding personal finances and the UK economic situation.
Currency movements were extremely minimal, which is perhaps an indication that the markets are waiting to see what the Fed and BoE say before committing to anything. It remains to be seen whether we will see volatility this week, but it certainly wouldn’t be a surprise if that proves to be the case.
The Nationwide housing prices for July will be released today, as well as manufacturing PMI for July. The sector is expected to still show healthy growth, albeit reduced from the month before. However, after yesterday’s surprises, the release could easily come in different from what the markets are expecting.
