23 Dec 2015
UK GDP revised down, eyes on US data now – BBH
FXStreet (Delhi) – Research Team at BBH, notes that the UK Q3 GDP growth was revised down to 2.1% y/y from the expected reading of 2.3%.
Key Quotes
“The UK also reported Q3 current account at -GBP17.5 bln vs. -GBP21.5 bln consensus. It also reported Q3 unit labor costs, which rose 2.0% y/y vs. 2.2% expected. Overall, the data don’t really support the notion of BOE lift-off, which is currently expected near mid-2016. Still, sterling has proven resilient today, up slightly after being unable to break below the cycle low near $1.48 from yesterday.”
“The US reports November personal income and core PCE for November. Personal spending was inadvertently released early last night, and came in at the expected 0.3% m/m. The US also reports November durable goods orders, which are expected at -0.6% m/m vs. a 2.9% gain in October, as well as November new home sales (2.0% m/m expected) and final December Michigan consumer sentiment (92.0 expected).”
Key Quotes
“The UK also reported Q3 current account at -GBP17.5 bln vs. -GBP21.5 bln consensus. It also reported Q3 unit labor costs, which rose 2.0% y/y vs. 2.2% expected. Overall, the data don’t really support the notion of BOE lift-off, which is currently expected near mid-2016. Still, sterling has proven resilient today, up slightly after being unable to break below the cycle low near $1.48 from yesterday.”
“The US reports November personal income and core PCE for November. Personal spending was inadvertently released early last night, and came in at the expected 0.3% m/m. The US also reports November durable goods orders, which are expected at -0.6% m/m vs. a 2.9% gain in October, as well as November new home sales (2.0% m/m expected) and final December Michigan consumer sentiment (92.0 expected).”