Economic data for the week ahead is relatively quiet as the markets head into a full final week for the month of February.

Amid a host of second tier data coming out, the main event risks include the monthly labor market statistics from the UK that includes the average earnings as well.

In the U.S. the FOMC meeting minutes will be due on Wednesday, covering the FOMC meeting from late January where interest rates were left unchanged.

Data from the UK continues later on in the week with the second revised GDP estimate.

UK second revised GDP and labor market data

While the British pound continues to surge higher despite inflation rising 3.0% after slipping to 2.9% in December 2017, the focus turns to the second revised GDP estimates and the labor market data that is due to come out this week.

Economic data from the UK so far showed that despite attempts to be hawkish, consumer prices remained stubbornly high.

At the last Bank of England meeting, policy makers said that inflation is expected to rise faster than expected.

This prompted officials to note that interest rate hikes could also follow suit.

This week, the labor market data is due to be released. Focus will of course remain on whether wage growth has managed to close the gap.

The week will also the second revised estimates for the GDP that covers the fourth quarter of last year.

The preliminary GDP estimates showed that the UK’s economy had advanced 0.5% on the quarter