UK needs to Deliver as Contractions Worsen

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Today’s second quarter GDP data has revealed a sharp contraction in the British economy, partly on account of the foregone output from the extra Diamond Jubilee bank holiday and heavy rainfall during the previous quarter. With the recent bond auctions hinting that Spain might lose access to credit markets, fears of the nation seeking a bigger aid package dominated traders’ minds and triggered Moody’s latest move to cut the credit rating outlook on the EFSF.

With reports hinting a possibility of the Fed embracing more easing, key US economic indicators during the course of the week will be closely monitored.

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UK needs to Deliver as Contractions Worsen

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