Britain's economic record as one of the fastest-growing major economies has been confirmed by official figures showing a jump in business investment, construction and manufacturing in the first three months of the year.
UK GDP has grown by 0.8% for the first quarter of 2014, pushing the annual growth rate above 3% and well above those of the Eurozone and the US.
In more disappointing news that caused the pound to weaken was last month’s public finances, showing that Public Sector Net was £7.364bn, up from £5.648bn a year ago. Economists had expected a lower figure of around £4.5bn.
Previously owned U.S. home purchases increased in April as a larger supply of properties attracted buyers and increased prospects for a stronger spring buying season.
For the first time this year, a 1.3% gain, raised sales to a 4.65 million annualized rate. The number of available properties climbed to an almost two-year high, helping slow the pace of price appreciation.
A pickup in the property market that improves affordability will help bring home ownership within reach of more Americans, increasing the chances the industry will recover from a yearlong slowdown.
The bank left its lending rate unchanged at 5.5%, the decision was supported by five of the seven Monetary Policy Committee, so not a complete consensus.
Economic growth has been adversely affected by a strike involving roughly 70,000 workers that’s stopped output at the world’s biggest platinum mines since January.
We had GDP figures from Germany which showed a rise from 2.3% to 2.5% YOY.
12.30 - CAD - Consumer Price Index figures (MOM) expected to decline from 0.6% to 0.3%
14.00 - USD - New Home Sales (MOM): expected to rise from 384,000 to 425,000.
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