Analysts at Scotiabank noted the recent UK data.
Key Quotes:
“UK house prices perked up a little this month, gaining 0.5% M/M, according ‘The Nationwide” survey.”
“Broader trends remain soft, however, with Y/Y gains holding at 2.0% across the country while London prices remain depressed (-1.9% Y/Y in Q2).”
“The CBI reported stronger retail sales volumes in they Jun survey, the index rising to 32, from 11, and comparing favourably to May’s 11 reading. Broader GBP patterns may remain subdued near-term as markets continue to ponder BoE rate hike probabilities for Aug.”
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