UK GDP contracts 0.3% MoM in October vs. -0.1% expected
- UK GDP rate dropped 0.3% MoM in October vs. -0.1% expected.
- GBP/USD extends losses toward 1.2500 on downbeat UK GDP data.
The UK economy returned to contraction, shrinking 0.3% in October after reporting a 0.2% growth in September, the latest data published by the Office for National Statistics (ONS) showed on Wednesday. The market consensus was for a 0.1% contraction in the reported period.
Meanwhile, the Index of services (October) arrived at 0.1% 3M/3M vs. September’s -0.1% reading.
Market reaction to the UK GDP report
GBP/USD is seeing a fresh selling wave on the downbeat UK GDP data. At the press time, the pair is down 0.25% on the day to trade at 1.2528, now awaiting the US Federal Reserve (Fed) interest rate decision for near-term trading direction.
Pound Sterling price today
The table below shows the percentage change of Pound Sterling (GBP) against listed major currencies today. Pound Sterling was the weakest against the US Dollar.
| USD | EUR | GBP | CAD | AUD | JPY | NZD | CHF | |
| USD | 0.15% | 0.28% | 0.13% | 0.32% | 0.45% | 0.76% | 0.14% | |
| EUR | -0.15% | 0.13% | -0.01% | 0.16% | 0.30% | 0.59% | -0.02% | |
| GBP | -0.29% | -0.14% | -0.15% | 0.03% | 0.17% | 0.48% | -0.15% | |
| CAD | -0.14% | 0.01% | 0.17% | 0.20% | 0.32% | 0.61% | -0.02% | |
| AUD | -0.29% | -0.20% | -0.04% | -0.17% | 0.13% | 0.44% | -0.18% | |
| JPY | -0.46% | -0.30% | -0.17% | -0.34% | -0.17% | 0.30% | -0.32% | |
| NZD | -0.76% | -0.63% | -0.46% | -0.61% | -0.44% | -0.29% | -0.65% | |
| CHF | -0.14% | 0.01% | 0.14% | 0.00% | 0.18% | 0.32% | 0.61% |
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 Euro from the left column and move along the horizontal line to the Japanese Yen, the percentage change displayed in the box will represent EUR (base)/JPY (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.
