GBP/USD: UK GDP and Manufacturing Production
The British Pound depreciated against the US Dollar, following the UK GDP data release on Monday at 09:30 GMT. The GBP/USD exchange currency rate lost 22 pips or 0.17% during a minute, right after the release. The British Pound continued trading at the 1.2905 area against the US Dollar.
The Office for National Statistics released UK GDP data that came out lower-than-expected of negative 0.4% compare to forecasted 0.0%. Note, that the Manufacturing Production was released at the same time with the GDP.
"If there's a silver lining from the mounting signs that the uncertainty caused by Brexit is holding back GDP growth, it's that the economy could enjoy a decent rebound if a Brexit deal is agreed," Capital Economics' Chief UK Economist, Paul Dales, wrote in a research note published on Monday.
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