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Better UK data this week - GBP strength

Written by Simon Norrie on August 17th, 2012.      0 comments

Friday 17 August 4:50 PM NZT. After a number of dour negative weeks of poor economic data releases from both the UK and Euro zone, this week held no nasty surprises. On Tuesday UK CPI came in at 2.6%, above forecasts of 2.3%. On Wednesday the unemployment rate came in at 8.0%, under forecasts of 8.1%. Thursdays retail sales data for the month of July, came in at a quite healthy 0.3%. This retails sales number was good, considering it only included two Olympic Games trading days, with some economists having picked a negative number for this quarter. Overall the GBP was probably the biggest winner on most crosses this week, but given the real lack of overall market volatility, it could have been easily missed by market watchers.
 
Very much like the US economy however, the market will need further convincing that perhaps things really are improving in the UK economy. Looking to next week, we get another key piece of UK data to digest, with the revised quarterly GDP on Friday.
 

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