Britain’s preliminary estimate of GDP data has shown that growth declined for the first quarter of 2015, indicating that the nation has lost its growth momentum. Going forward, with just over a week until elections, developments from the UK’s political arena could have a greater bearing on Sterling in upcoming trading sessions.Across the Atlantic, reports on consumer confidence for April and February’s S&P/Case-Shiller home price indices, scheduled later today, will draw markets attention. Focus will shift to tomorrow’s initial estimate of US GDP for the first quarter and the Fed’s interest rate decision.
The CBI industrial trends survey on factory orders for April will mark the start of this week’s domestic economic releases. The survey will be used to gauge the outlook for the nation’s manufacturing sector, ahead of Friday’s manufacturing PMI print for the same month. Meanwhile, tomorrow’s preliminary GDP data is expected to show a sluggish growth in the economy for the first quarter of this year.Across the Atlantic, market participants will keep a tab on the flash Markit services PMI for April, scheduled later today. Moving ahead, investors’ focus will shift towards the initial estimate of GDP data for the first quarter in the US, due on Wednesday.
Amid a light economic calendar in the UK, Sterling investors are likely to remain on the sidelines in today’s trading session. Meanwhile, yesterday’s retail sales data, along with disappointing industrial production and construction output data for February, has fuelled concerns that economic growth in the UK has slowed. Next week’s first estimate of GDP numbers will likely confirm investors’ concern.Across the Atlantic, market participants will eye the highly volatile durable goods orders report scheduled later today which will likely influence next week’s GDP estimates for the first quarter. In the Euro zone, the Greek crisis will likely take center stage in today’s Euro group meeting. In macro news, Germany’s Ifo business climate rose more than market expectations for April, while the business expectations reading unexpectedly dropped.