Breaking: UK GDP rebounds 15.5% QoQ in Q3 vs. 15.8% expected, GBP/USD keeps lows
- UK GDP arrived at 1.1% MoM in Sept vs. +1.5% expected.
- UK GDP jumped by 15.5% QoQ in Q3 vs. +15.8% expected.
- GBP/USD holds the lower ground below 1.3200 post-data.
The preliminary reading of the third quarter 2020 UK GDP came in at 15.5% QoQ vs. 15.8% expected and -19.8% last while on an annualized basis the figure stood at -9.6% vs. -9.4% expected and -21.5% seen previously.
The UK GDP monthly release showed that the UK economy expanded less-than-expected in September, arriving at 1.1% versus 1.5% expected and 2.1% previous.
Meanwhile, the Index of services (Sept) arrived at 14.2% 3M/3M vs. 11.2% expected and 7.1% prior.
The Cable keeps its range near daily lows of 1.3182, undermined by the downbeat UK growth numbers.
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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