UK GDP expands 0.1% MoM in November vs. -0.2% expected
- UK GDP arrived at 0.1% MoM in November vs. -0.2% expected.
- GBP/USD keeps its range above 1.2200 on UK GDP positive surprise.
The UK Gross Domestic Product (GDP) monthly release showed on Friday that the economy unexpectedly expanded in November, arriving at 0.1% vs. -0.2% expectations and 0.5% previous.
Meanwhile, the Index of services (November) came in at -0.1% 3M/3M vs. -0.4% estimate and -0.1% prior.
The UK November GDP came in 0.3% below the pre-COVID 19 level of February 2020.
Market reaction
The Cable remains little changed just above 1.2200 on the encouraging UK growth numbers. The spot is trading almost unchanged 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 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.
