UK’s new monthly GDP data to be released today for the first time

At 08:30 GMT, UK Industrial Production (May) is expected to be 0.5% (MoM) and 2.7% (YoY) against a previous -0.8% (MoM) and 2.9% (YoY). Manufacturing Production (May) is expected to be 0.7% (MoM) and 3.1% (YoY) against -1.4% (MoM) and 2.9% (YoY) previously. This figure had fallen under the zero mark showing a contraction on the monthly number but this is expected to be erased with today’s data with a return to positive territory. The negative impact from Brexit is continuing to plague the economy as orders are delayed and production postponed. The UK will get a new data metric in the form of GDP (MoM) today. GBP pairs can move because of these data releases.

At 09:00 GMT, German ZEW Survey – Current Situation (Jul) is expected at 78.0 against a prior 80.6. ZEW Survey – Economic Sentiment (Jul) is expected to be -18.2 from -16.1 previously. These data points are expected to continue to soften as the economic data in Germany and the wider Eurozone disappoints. The deteriorating trade environment is also a headwind for business outlook. In April the sentiment reading dropped below zero and continues to decline. EUR crosses may be affected by this data.

At 12:15 GMT, Canadian Housing Starts s.a (YoY) (Jun) will be released with an expected number of 210K from a previous 196K last month. This data is showing a strong performance with indications that the headline number will beat expectations this month. CAD pairs can see an increase in price movement from this data.

At 17:00 GMT, ECB’s Lautenschlager is expected to speak today at a scheduled event. EUR crosses may be affected by any comments made.