11/01/2018 - Think-tank Upgrades UK Growth Estimate 

GBP

The UK economy has exceeded expectations for its performance at the end of last year, prompting a leading economic think-tank to upgrade its growth estimate for 2017. 

UK GDP grew by 0.6pc in the final quarter of last year, according to the National Institute of Economic and Social Research, an improvement on its previous forecast of 0.5pc. Based on this estimate, the UK economy expanded by 1.8pc in 2017.

The higher revision followed  data showing that manufacturing picked up pace and the gap between imports and exports narrowed towards the end of the 2017.

Industrial production - a measure of output from manufacturing, energy and mining industries - grew by 1.2pc in the three months to November and The trade deficit - the gap between imports and exports - narrowed by £1.2bn in the three months to November.

Speaking at an economic summit in Berlin Phillip Hammond asked EU Leaders to start preparing for a future relationship that includes "high levels of access for goods and services". He will also urge the EU to consider "putting behind us any narrative of “punishment” for leaving and focusing on the mutually beneficial relationships we have now and can continue in the future".

Key Announcements

12:30 – GBP: ECB Policy Meeting Accounts Report 

13:30- USD: Continuing Jobless Claims expected to be higher from 1.914M to 1.915M

13:30- USD: Initial Jobless Claims expected to be lower from 250K to 245K