UK Prelim GDP at 0.3% QoQ in Q3 vs. 0.4% expected; GBP/USD moves little
|The first estimate of the UK GDP came in to show that the economy expanded by 0.3% QoQ during the third quarter of 2019, as against a 0.2% contraction recorded in the previous quarter but falling short of consensus estimates pointing to a reading of 0.4%.
On a monthly basis, the UK economy contracted by 0.1%, on expected lines, and the yearly growth rate decelerated more than expected to 1.0% as compared to 1.3% previous.
Meanwhile, the GBP/USD pair had a rather muted reaction to the release and extended its sideways consolidative price action around the 1.2800 round-figure mark.
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