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The UK is scheduled to release some major economic reports this week, which are expected to decide the path of further rate hikes by the Bank of England.
The UK’s central bank was the first among major banks to start increasing interest rates in the recent cycle. The bank has increased the rate five times since December 2021, to the current level of 1.25%, as the country struggles with high inflation. Inflation in Britain has increased to a four-decade high due to higher energy prices and continuous supply-chain issues.
The European Central Bank also surprisingly boosted its key rates by 50 basis points at its recent meeting, with the Fed continuing with its aggressive rate hikes.
Which important reports are being released this week?
Investors are watching major reports scheduled for release this week, which, in turn, are expected to significantly impact the BoE’s moves going forward. The UK GDP is one the major economic reports, which shows the country’s current economic performance. The British economy grew just 0.8% quarter-on-quarter during the first three months of 2022, which is the lowest in a year. There is unlikely to have been any acceleration in the growth level, as the economy is expected to have expanded just 0.1% in Q2.
The Balance of Trade data will also be released this Friday, with the country expected to report a smaller trade deficit of £0.6 billion in June, compared to a £9.7 billion gap in the previous month. The markets will also monitor other economic reports, including industrial production, construction orders and business investments, to gain further insights into the state of the British economy.
How do these reports impact the financial markets?
All these economic reports are expected to significantly impact the equity and forex markets of the country. Upbeat economic data could provide support to the FTSE 100 index and the GBPUSD pair. It will also let the Bank of England decide its future path for rate hikes.
Are you ready for these data releases? They could present exciting trading opportunities before and after the release of the economic reports.
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Vantage is a global, multi-asset broker offering clients access to a nimble and powerful service for trading CFDs on Forex, Commodities, Indices, Shares.
With more than 10 years of market experience and headquartered in Sydney, Vantage now has over 1,000 staff across more than 30 global offices.
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