UK GDP declines 0.1% MoM in January vs. +0.1% expected
- UK GDP decreased 0.1% MoM in January, missing estimates by a wide margin.
- GBP/USD drops toward 1.2900 after the UK economic data.
The UK economy contracted in January, with the Gross Domestic Product (GDP) coming in at -0.1% after increasing 0.4% in December, according to the latest data published by the Office for National Statistics (ONS) on Friday. Markets projected a 0.1% growth in the reported period.
Meanwhile, the Index of services (January) arrived at 0.4% 3M/3M versus December’s 0.2%.
Other data from the UK showed that monthly Industrial and Manufacturing Production declined by 0.9% and 1.1%, respectively, in January. Both readings fell short of expectations.
Market reaction to the UK data
The UK economic data fuelled a fresh downside in the Pound Sterling. At the press time, GBP/USD is trading 0.19% lower on the day near 1.2930.
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 New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.14% | 0.14% | 0.59% | -0.09% | -0.17% | -0.24% | 0.10% | |
| EUR | -0.14% | 0.03% | 0.44% | -0.23% | -0.32% | -0.39% | 0.03% | |
| GBP | -0.14% | -0.03% | 0.40% | -0.26% | -0.35% | -0.41% | 0.00% | |
| JPY | -0.59% | -0.44% | -0.40% | -0.68% | -0.76% | -0.84% | -0.40% | |
| CAD | 0.09% | 0.23% | 0.26% | 0.68% | -0.07% | -0.16% | 0.27% | |
| AUD | 0.17% | 0.32% | 0.35% | 0.76% | 0.07% | -0.08% | 0.31% | |
| NZD | 0.24% | 0.39% | 0.41% | 0.84% | 0.16% | 0.08% | 0.43% | |
| CHF | -0.10% | -0.03% | -0.01% | 0.40% | -0.27% | -0.31% | -0.43% |
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.
