Lots of news and headlines for markets to digest in past 24 hours but overnight session ultimately saw little change in major currencies.
At best mixed UK industrial output and property price data for March have led some analysts, including the National Institute for Economic and Social Research, to forecast that UK GDP growth halved to 0.2% qoq in Q1 2018 from 0.4% qoq in Q4 2017. The first estimate for Q1 GDP data is due to be released on 27th April, two weeks before the Bank of England’s policy meeting on 10th May. Some of this economic slowdown in March has been blamed on particularly bad weather (the Beast from the East) so the BoE could may still hike its policy rate 25bp. In any case Sterling volatility could pick up over that fortnight and markets will today likely keep an eye on speeches by MPC member Broadbent (07.30 London time) and then Governor Carney (20.00)
