Data doubts linger as UK growth beats expectations
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4 itemsData doubts linger as UK growth beats expectations
The desk interprets the recent UK GDP data with cautious optimism, noting that while the growth appears robust, it is clouded by significant doubts regarding sustainability. Per the full note from ING, GDP rose by 0.7% over the past three months, with May's growth at 0.1% exceeding expectations; however, the backdrop of weak consumer services and a softening jobs market raises questions about this data's reliability. This skepticism is further supported by historical trends, where UK growth typically flattens during the summer months, leading us to anticipate a slowdown in Q3. As we approach the potential catalysts for market moves, this uncertainty could influence currency pairs reflecting UK sentiment, notably GBP/USD.