UK GDP contracts 0.1% MoM in October vs. +0.1% expected
- UK GDP declined 0.1% MoM in October, missed forecast.
- GBP/USD drops below 1.2650 after the UK economic data.
The UK economy contracted at a monthly pace of 0.1% in October after declining 0.1% in September, the latest data published by the Office for National Statistics (ONS) showed on Friday. The market forecast was 0.1% growth in the reported period.
Meanwhile, the Index of services (October) arrived at 0.1% 3M/3M versus September’s 0.1%.
Other data from the UK showed that the monthly Industrial Production and Manufacturing Production decreased by 0.6% in October. Both readings undermined market expectations.
Separately, the UK Goods Trade Balance came in at GBP-18.969 billion MoM in October vs. GBP-15.50 billion expected and GBP-16.321 billion previous.
Market reaction to the UK data
The UK economic data added to the downside in the Pound Sterling. At the press time, GBP/USD is trading 0.25% lower on the day near 1.2630.
British Pound PRICE Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the weakest against the Australian Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.04% | 0.26% | 0.05% | 0.05% | -0.02% | -0.01% | 0.08% | |
| EUR | -0.04% | 0.21% | 0.00% | 0.00% | -0.06% | -0.05% | 0.04% | |
| GBP | -0.26% | -0.21% | -0.21% | -0.20% | -0.27% | -0.27% | -0.17% | |
| JPY | -0.05% | 0.00% | 0.21% | 0.00% | -0.07% | -0.08% | 0.03% | |
| CAD | -0.05% | -0.01% | 0.20% | -0.01% | -0.08% | -0.07% | 0.03% | |
| AUD | 0.02% | 0.06% | 0.27% | 0.07% | 0.08% | 0.00% | 0.10% | |
| NZD | 0.00% | 0.05% | 0.27% | 0.08% | 0.07% | -0.00% | 0.09% | |
| CHF | -0.08% | -0.04% | 0.17% | -0.03% | -0.03% | -0.10% | -0.09% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
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.
