Moody's UK macroeconomic conditions remain firm

Report from Moody's on the UK

• Despite signs of slowing growth in the first quarter, UK macroeconomic conditions remain firm
• latest UK data suggest drivers of growth gradually shifting with lower contributions from service sector partially offset by industrial production
• relatively resilient macroeconomic conditions since EU rreferendum supports view of modest and manageable credit impact from Brexit for UK issuers
• likely to see consumption growth weakening this year against backdrop of rising inflation

The GBPUSD remains above the 1.2988-90 area below keeping the bulls/buyers more in control (see earlier post). The low reached 1.29894.