BoE's Bailey: Economic activity in Q3 probably 7-10% lower than it was pre-COVID
|Since May, there has been quite a sharp and fast recovery in the UK, Bank of England (BoE) Governor Andrew Bailey said on Tuesday but added that there are signs that the recovery will not be as fast going forward, as reported by Reuters.
Additional takeaways
"Recovery has been uneven."
"Q3 recovery is a bit ahead of where we thought it would be in August."
"UK economic activity in Q3 probably 7-10% lower than it was pre-COVID."
"Level of activity at end of Q3 probably higher than 7-10% below pre-COVID range."
"Investment still looks very weak."
"Risks include COVID, Brexit talks, US-China trade relationship."
"Labour market is one of the hardest things to assess."
Market reaction
The GBP/USD pair edged slightly lower with the initial reaction and was last seen gaining 0.15% on the day at 1.2845.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.