If Bank of England Governor Mark Carney was hoping for a surprise uplift in the latest GDP estimate this morning, he was dealt yet another blow. The latest reading, which came in line with market expectations (0.1%) reaffirms the UK Central Bank’s views that a combination of stagnated growth and ‘softer’ data will only keep the likelihood of UK interest rate hikes on hold.
It was only last week that ECB President Draghi said he would watch the economic data in the months ahead with ‘caution’ and following the release of the latest eurozone Inflation print, which missed expectations and recorded a 14-month low (1.2%), he may need to.
Anthony Kurukgy quoted in MarketWatch
Anthony Kurukgy, Senior Sales Trader at Foenix Partners, discusses how softer economic data over the last two weeks has thrown caution to a May rate hike.