UK GDP beats estimates with -2.9 in January, GBP/USD off the lows

UK GDP arrived at -2.9% MoM in Jan vs. -4.9% expected.
GBP/USD bounces off the lows on the upbeat UK GDP.

Dhwani Mehta FXStreet

The UK GDP monthly release showed that the economy contracted less-than-expected in January, arriving at -2.9% vs. -4.9% expectations and1.2% previous.

Meanwhile, the Index of services (Jan) arrived at -2.4% 3M/3M vs. 0.6% prior.

The Cable bounces-off a daily low of 1.3946 to now trade at 1.3955 on the UK growth numbers. The spot is still down 0.25% on the day.

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

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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