*The UK saw better-than-expected economic indicators today. Q2 GDP surpassed predictions, growing by 0.2% quarterly and 0.4% annually (expected: 0.2%). June alone showed 0.5% growth. Industrial and manufacturing production for June exceeded projections: industrial production rose 1.8% monthly (expected: 0.1%) and 0.7% annually (expected: -1.1%), while manufacturing increased by 2.4% monthly (expected: 0.2%) and 3.1% annually (expected: 0.3%). UK trade data also beat forecasts, with a deficit of £15.46 billion compared to the expected £16.40 billion in June. GBPUSD rose past 1.2696 resistance.

*Global oil demand hit a record 103 million barrels per day in June, per the IEA. Expectations point to another record in August. The 2024 global oil demand forecast was revised to 1 million barrels per day from 1.15 million.

*In the US, July producer inflation surpassed expectations by 0.1 points: headline and core producer inflation were announced at 0.3% monthly, 0.8% annually, and 0.3% monthly, 2.4% annually, respectively. Initial reactions led to a 4 bps rise in the US 10-year bond yield to 4.13%, USDJPY at 145, EURUSD at 1.0973, and Gold Ounce at $1915. GBPUSD initially climbed to 1.2699 due to positive UK data, but pulled back below 1.2696 after the US PPI data.