The consensus among analysts is that the UK will have managed to scrape out a very small amount of growth in the second quarter. Tomorrow sees the publication of the preliminary version of the data, which could be subject to revisions later. The market reaction might depend more on psychological factors than the potential impact on monetary policy. UK Q2 GDP is forecast at 0.1% growth, which would be the same as the prior quarter. Interestingly, and as a sign of the less-than-stellar performance of the British economy, annual GDP is also expected to be 0.1%. This creates more risk for the markets, because if it’s off ... (full story)