GBP/USD bounces-off lows as UK GDP beats estimates with -2.6% in November
|- UK GDP arrived at -2.6% MoM in Nov vs. -5.7% expected.
- GBP/USD is off the lows on the upbeat UK GDP but below 1.37.
The UK GDP monthly release showed that the economy contracted less-than-expected in November, arriving at -2.6% vs. -5.7% expectations and 0.6% previous.
Meanwhile, the Index of services (Nov) arrived at 3.7% 3M/3M vs. 9.7% prior.
The Cable bounces-off a daily low of 1.3658 to now trade at 1.3668 on the UK growth numbers. The spot is still down 0.14% on the day.
About UK GDP
The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
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