While quarter-on-quarter and year-on-year economic growth has been pencilled in, however, the underlying data has done little to reassure GBP traders.
For one thing, the national trade deficit has expanded, as detailed by Rob-Kent Smith of the Office for National Statistics (ONS).
He said: “The economy picked up a little in the second quarter with both retail sales and construction helped by the good weather and rebounding from the effects of the snow earlier in the year.
“However, manufacturing continued to fall back from its high point at the end of last year and underlying growth remained modest by historical standards.
“The UK’s trade deficit noticeably worsened as exports of cars and planes declined sharply while imports rose.”
More words of caution have come from Nancy Curtin of Close Brothers Asset Management.
She said: “A rebound in economic growth in the second quarter should be taken with a pinch of salt. Even with some acceleration, the economy is far from its peak.”
The manufacturing sector was perhaps the worst part of today’s data release, as two consecutive quarters of contraction mean that the sector is in a technical recession.
US dollar traders have had an all-around better run of trading today, with growing concerns about international developments lowering risk sentiment and raising USD appeal.
Although deteriorating US relations with North Korea, China, Russia and Turkey could prove problematic in the future, these situations have still boosted USD demand.
The pound’s current losses against the US dollar could worsen this afternoon, should July’s US inflation rate figures show growth as forecast.
A faster pace of month-on-month and year-on-year price growth could raise demand for the US dollar, as such a result would pave the way for more Fed interest rate hikes.
The US central bank has already raised interest rates twice in 2018 and current estimates are for two more before the end of the year.
The week’s last UK economic data will be this afternoon’s National Institute for Economic and Social Research (NIESR) monthly GDP tracker reading for July.
Economists predict that NIESR experts will leave their GDP estimate at 0.4 per cent.
This could have little overall impact on the pound, as it doesn’t represent an upgrade or downgrade compared to the previous reading.