Looking Towards British GDP Numbers and the Royal Wedding
By Russell Glaser
While UK consumers may focus more on the British royal wedding coverage, economists and FX traders will be looking toward the release of the UK Q1 GDP data. Previously, in Q4 2010, the UK economy contracted by -0.5%. Some economists have speculated that the major cause for the decline in growth was due to one-off factors such as inclement weather. Recent data releases show the UK economy may be stronger than expected. Last month’s retail sales data were stronger, rising 0.2%. Not all of the reports out of the UK are as rosy as the royal wedding coverage. Yesterday UK CBI Industrial sales came in well below expectations at -11 on a forecast of 4. The report did show some signs of improvement in the manufacturing sector and higher exports.
The wild card for UK growth will be the increase in crude oil prices. While no significantComplete Story »