UK GDP arrives at -0.1% MoM in Feb vs. +0.1% expected, GBP/USD keeps losses

UK GDP arrives at -0.1% MoM in Feb vs. +0.1% expected.
GBP/USD keeps losses below 1.2400 on downbeat data.

Dhwani Mehta FXStreet

The UK GDP monthly release showed that the UK economy showed a contraction in February, arriving at -0.1% versus +0.1% expected and 0.0% previous.

Meanwhile, Index of services (February) arrived at +0.2% 3M/3M vs. +0.1% expected and 0.0% last.

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).

GBP/USD reaction

The pound was little changed on the UK GDP contraction, as GBP/USD kept losses near 1.2370 region, slightly off the 1.2364 lows.

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.

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