Latest data released by ONS - 10 September 2018

  • Prior +0.1%
  • Monthly GDP +0.6% vs +0.5% 3m/3m expected
  • Prior +0.4%
  • Index of services +0.3% vs +0.2% m/m expected
  • Prior 0.0%
  • Index of services +0.6% vs +0.5% 3m/3m expected
  • Prior +0.3%

That's a decent reading and the 3-months rolling figure is also up to 0.6% from the previous 0.4%. But note that all of this is contributed from the improved weather conditions and also the fact that services and retail sales were boosted by the World Cup and the Royal Wedding respectively.

Nonetheless, it's a good start to Q3 so pound bulls will surely be hoping this keeps up in August and September as well. In terms of reaction to the pound today, this should help provide some tailwind but it isn't a game changer by any means. The focus of the pound is still on the Brexit rhetoric.