UK GDP arrives at 0% MoM in February vs. 0.1% expected
- UK GDP arrived at 0% MoM in February vs. 0.1% expected.
- GBP/USD holds lower ground below 1.2500 on downbeat UK GDP.
The UK Gross Domestic Product (GDP) monthly release for February, reported this Thursday, showed that the British economy stagnated at 0% in February, compared with 0.1% expectations and a 0.3% prior reading.
Meanwhile, the Index of services (February) came in at 0.1% 3M/3M vs. -0.2% estimate and 0% previous.
Market reaction
The Cable wiped out minor gains on the downbeat UK GDP data. At the press time, the spot is neutral on the day at 1.2480, having consolidated below 1.2500 during the Asian session.
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 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
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
