Growing worries about the economic outlook has dented the confidence of UK households and manufacturers, suggesting the Brexit result will slow the British economy.
A poll by market researchers GfK recorded the biggest slide in consumer confidence for more than 26 years in July. The group said people were on average gloomier about their own finances, the broader economy and whether now was a good time to make big purchases such as furniture and household appliances. Market research firm GfK said its gauge of consumer confidence fell to -12 from -1 in June, the biggest drop since March 1990 - when Margaret Thatcher was prime minister and interest rates sat at 15 percent.
The Dollar weakened off on Friday afternoon as The U.S. economy grew far less than expected in the second quarter. Inventory investment fell for the first time in nearly five years, but a surge in consumer spending pointed to underlying strength.
The report raises the risk to the outlook at a time Federal Reserve policy makers are looking for sustained improvement. While consumers were resilient last quarter, businesses were cautious,cutting back on investment and aggressively reducing stockpiles amid weak global markets, heightened uncertainty and the lingering drag from a stronger dollar. Gross domestic product increased at a 1.2 percent annual rate after rising by a downward revised 0.8 percent pace in the first quarter of 2016.
The revised figures caused a dollar sell off in afternoon trading as the US economy economy was previously reported to have expanded at a 1.1 percent pace in the first quarter. Economists had also forecast GDP growth rising at a 2.6 percent rate in the last quarter.
09:00 - EUR :Eurozone Markit Manufacturing PMI expected to remain unchanged at 51.9
09:30 - GBP :UK manufacturing PMI expected to remain unchanged at 49.1
15:00 - USD :US ISM Manufacturing PMI