UK: Industrial production likely to print a number at or around 0.2% m/m – RBC CM

Elsa Lignos, Senior Currency Strategist at RBC Capital Markets, suggests that the UK’s June IP data have the potential to lead to a revision in the initial estimate of Q2 GDP, but it would have to be a large deviation from the 0.2% m/m provisional number used by the ONS in the GDP report.

Key Quotes

“As such, it is likely that June’s IP release will come and go without much excitement. It is also the case that a number at or around 0.2% m/m would help to reinforce the view that April’s very strong 2% m/m gain was a oneoff, which helped to mask a pre-referendum trend to weaker activity levels in the economy.”