It's Going To Be An Interesting Week For UK! ECB Members Are Set To Speak
Aa
Share
At 8:00 CET, Great Britain published a macroeconomic information package. This is the first of many data they will provide us with this week. Moreover, today traders who observe the situation on the euro market are waiting for the speeches of the ECB members. Important information was not received today from overseas.
The Great Britain’s indicators
U.K. Construction Output is lower than expected. The current reading shows an increase from -1.4% to -0.8%. Growth was expected to be significantly higher. Construction Output was forecast at 0.5%.
Source: investing.com
The same indicator but YoY, also lower than expected. The current reading is at 4.3%. The index was forecast to reach 5.6%. The previous reading was at 4.1%. This insignificant increase in the index can be read as negative for the GBP as it was lower than expected.
GDP and Industrial Production
Gross domestic product also fell below expectations. The current reading shows that GDP is at 0.2%, it was expected to rise from -0.6% to 0.3%.
Index Of Services remained at the expected level of -0.2%. Compared to the previous reading (-0.4%) this is an increase.The reading of changes in the total inflation-adjusted values of output produced by producers, mines and utilities was also lower than expected.
The expectation that U.K. Industrial Production YoY fell from 2.4% to 1.9%, but the index fell lower than forecasted to 1.1%. This is a negative reading for the GBP.
Industrial Production (MoM), although it increased from -0.9% to -0.3%, the reading is negative. It was announced that there will be an increase to the level of 0.4%.
The change in the total inflation-adjusted value of output produced by manufacturers only increased to 0.1%. This increase was expected to be at the level of 0.4%.
For the country it may be a positive reading, but for the pound it is not as it is lower than expected.
Source: investing.com
Only positive reading
The UK today only recorded a positive result in the difference in value between imported and exported goods and services over the reported period.
The trade balance in Great Britain reached the level of -19.36B, it was expected to reach the level of -22.30B. Compared to the previous periods, it can be said that in July Britain exported more than it imported. Since March, the UK has imported more, so this result may indicate little progress in the British economy.
Source: investing.com
The speeches of the European Central Bank members
Today we are still waiting for the speeches of the representatives of the European Central Bank.
At 9:30 CET there will be a speech by the Vice-President, Luis de Guindos. His speeches often contain indications on the future possible direction of monetary policy.
The next speech is at 14:00 CET. Isabel Schnabel, member of the Executive Council of the European Central Bank, also in her speeches, now to fill in on the future.
India’s CPI
The Indian Ministry of Statistics expects today's CPI reading to be at 6.90%. From the beginning of the year, the change in prices of goods and services from the consumer perspective has remained above 6%. From January to April, the index was gradually increasing. In the fourth month of this year, it reached its highest level of 7.79% so far. After this reading, it began to drop. In May it fell to 7.04%, and in the next two months to 7.01% to 6.71%. The trend is forecast to reverse and the CPI to pick up again. We have to wait until 14:00 CET for official data.
Source: investing.com
Source: https://www.investing.com/economic-calendar/
