9 Jul 2013
Flash: UK Data In Focus – TD Securities
FXstreet.com (London) - GBP/USD has taken back some ground ahead of todays UK data.
Alvin Pontoh, Strategist at TD Securities said they see two-sided risks around today’s industrial production report for May, where consensus is looking for a +0.2% M/M gain in total IP, and a +0.4% increase in manufacturing production. “The domestic data has been stronger in the UK, and the surveys and recent momentum are pointing to upside risks. But the global IP data for May has been weaker, and point to a small decline. With UK Q2 GDP estimates all over the map, today’s IP data (as well as the trade data) will give us a key piece of hard data in helping to focus GDP expectations, with another one coming in Friday with construction output”.
Alvin Pontoh, Strategist at TD Securities said they see two-sided risks around today’s industrial production report for May, where consensus is looking for a +0.2% M/M gain in total IP, and a +0.4% increase in manufacturing production. “The domestic data has been stronger in the UK, and the surveys and recent momentum are pointing to upside risks. But the global IP data for May has been weaker, and point to a small decline. With UK Q2 GDP estimates all over the map, today’s IP data (as well as the trade data) will give us a key piece of hard data in helping to focus GDP expectations, with another one coming in Friday with construction output”.