UK GDP rebounds 0.5% MoM in October vs. -0.1% expected
- UK GDP arrived at -% MoM in October vs. -0.1% expected.
- GBP/USD keeps its range below 1.2250 on UK GDP upside surprise.
The UK Gross Domestic Product (GDP) monthly release showed on Monday that the economy returned to an expansion in October, arriving at 0.5% vs. -0.1% expectations and -0.6% previous.
Meanwhile, the Index of services (October) came in at -0.1% 3M/3M vs. -0.1% estimate and 0% prior.
The UK October 2022 GDP came in above the pre-COVID-19 level of 0.4% in Feb 2020.
Market reaction
The Cable remains little changed at around 1.2225 on the upbeat UK growth numbers. The spot is down 0.18% 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.
