| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 06:00 | United Kingdom | Nationwide house price index, y/y | June | 11.2% | 10.8% | 10.7% |
| 06:00 | United Kingdom | Nationwide house price index | June | 0.9% | 0.5% | 0.3% |
| 06:00 | Germany | Retail sales, real adjusted | May | -5.4% | 0.5% | 0.6% |
| 06:00 | United Kingdom | Business Investment, q/q | Quarter I | 1% | -0.5% | -0.6% |
| 06:00 | United Kingdom | Business Investment, y/y | Quarter I | 1% | 8.5% | 8.3% |
| 06:00 | Germany | Retail sales, real unadjusted, y/y | May | -0.4% | -2% | -3.6% |
| 06:00 | United Kingdom | Current account, bln | Quarter I | -7.3 | -39.8 | -51.7 |
| 06:00 | United Kingdom | GDP, q/q | Quarter I | 1.3% | 0.8% | 0.8% |
| 06:00 | United Kingdom | GDP, y/y | Quarter I | 6.6% | 8.7% | 8.7% |
| 06:30 | Switzerland | Retail Sales (MoM) | May | -0.9% | | 1.1% |
| 06:30 | Switzerland | Retail Sales Y/Y | May | -5.5% | | -1.6% |
| 06:45 | France | Consumer spending | May | -0.7% | 0.2% | 0.7% |
| 06:45 | France | CPI, m/m | June | 0.7% | 0.7% | 0.7% |
| 06:45 | France | CPI, y/y | June | 5.2% | 5.7% | 5.8% |
| 07:00 | Switzerland | KOF Leading Indicator | June | 97.7 | 96.3 | 96.9 |
| 07:55 | Germany | Unemployment Change | June | -5 | -6 | 133 |
| 07:55 | Germany | Unemployment Rate s.a. | June | 5% | 5% | 5.3% |
| 09:00 | Eurozone | Unemployment Rate | May | 6.7% | 6.8% | 6.6% |
GBP gained against most of its rivals in the European session on Thursday, as investors ignored a set of disturbing data from the UK.
The Office for National Statistics (ONS) reported the UK’s current account (C/A) deficit surged to GBP51.7 billion in the first quarter of 2022 from GBP7.3 billion in the previous quarter. This was well above economists’ forecast of a shortfall of GBP39.8 billion and represented the largest C/A gap on record (since 1955).
Meanwhile, the data from the Clearing House Automated Payment System (CHAPS), which is run by the Bank of England (BoE), revealed that credit and debit card spending decreased to 99% of its February 2020 average in the week ended June 23 from 100% the previous week.
The latest data added to growing worries about the UK’s economic outlook that prompting a more cautious stance from the BoE’s governor Andrew Bailey, who stated at the European Central Bank's (ECB) Sintra Forum yesterday that the bank will not necessarily have to act “forcefully” to get inflation under control. However, he added that the current situation leaves "options on the table” and there are circumstances where the BoE will have to do more. Also, the BoE's governor said that it is clear that the UK's economy is slowing, and that he is not surprised by the recent path of the sterling, which remained under pressure.