020 7898 0500Sterling traded lower against the US dollar on Friday as US Federal Reserve Chair Janet Yellen stated that the case for raising US interest rates has ‘strengthened’.
Looking at the data releases from the UK, the second reading of Gross Domestic Product (GDP) hit the wires and did not disappoint with a revised figure. Growth in the second quarter of 2016 as expected, at 0.6% compare to 0.4% in the preceding quarter. The figures will be a boost to the new Chancellor, Philip Hammond, who has repeatedly stated that the UK entered the post-referendum period from a position of strength.
Looking at the calendar for the week ahead, we start with some housing data that is likely to confirm the sentiment that the sector is under pressure. Meanwhile on Thursday and Friday respectively we have data on the manufacturing and construction sectors. The expectations are for these to report improvement in both sectors while still remaining in contraction territory.
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