Breaking: UK Preliminary GDP expands 0.8% QoQ in Q1 vs. 1.0% expected

Quarterly GDP for the UK expanded by 0.8% in Q1 vs. 1.0% expected.
UK GDP arrived at -0.1% MoM in March vs. 0.1% expected.
GBP/USD hits fresh two-year lows below 1.2200 on poor UK GDP.

FXStreet Team FXStreet

In three months to March, the British economy expanded 0.8% QoQ as against a 1.3% growth booked in Q4 and 1.0% expectations.

On an annualized basis, the Kingdom’s GDP arrived at 8.7% in Q1 vs. 9.0% expected and 6.6% prior.

The UK GDP monthly release showed that the economy contracted in March, coming in at -0.1% vs. 0.1% expected and 0% previous.

Meanwhile, the Index of services (March) arrived at 0.4% 3M/3M and 0.6% prior and 2.0% anticipated.

Market reaction

The cable remains pressured below 1.2200 on the downbeat UK growth numbers. The spot is down 0.48% on the day, at fresh two-year lows.

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).

Author

FXStreet Team

FXStreet

Composed of a group of economic journalists and FX experts, the FXStreet content team produces and oversees all content published on FXStreet. It provides a purely journalistic approach to the Forex market.

AUD/USD falls to near 0.7100 after slipping below 50-day EMA

AUD/USD depreciates after registering minor gains in the previous day, trading around 0.7120 during the Asian hours. The technical analysis of the daily chart shows the pair consolidating sideways within a rectangle pattern, as neither bulls nor bears gain control. The AUD/USD pair is holding a slight bearish tone however as it sits beneath both the nine-day and 50-day EMAs.

160.00: USD/JPY back near intervention territory after upbeat US jobs report

US Nonfarm Payrolls beat expectations by a wide margin in May, with 172K jobs added. The US Dollar rebounds after the release, helping USD/JPY recover from its intraday lows. Warnings from Japanese authorities continue to limit upside potential near the 160.00 threshold.

Gold targets $4,300 amid stronger Dollar

Gold faces increasing selling interest and navigates the area of three-month lows near the $4,300 mark per troy ounce on Friday. The precious metal’s decline comes as traders assess the stronger-than-expected NFP, while the bid bias in the Greenback and higher US Treasury yields also collaborate with the retracement.

Cardano hits five-year low even as Hoskinson clarifies "break" isn't an exit

Cardano (ADA) price is down 10% at press time on Friday, extending losses over 30% so far this week amid Charles Hoskinson's clarification that "break" isn't an exit.

Week ahead – Fed countdown begins amid US inflation data and geopolitical risks

Fed Chair Warsh’s first meeting approaches as key US inflation data could reshape expectations. Oil prices remain elevated as US-Iran talks continue; tariffs also return to the spotlight. ECB is expected to hike; will it be a one-off move or is July live?

The US economy defies the rules: 100 days into the Oil shock and the recession signal is still missing

More than three months after the start of the Iran war and the resulting disruption to global energy markets, the US economy continues to display remarkable resilience. The conflict has triggered a sharp rise in Oil prices, reignited inflationary pressures and fueled widespread concerns about a potential economic slowdown.