UK GDP rises 0.3% m/m in July, beats estimates – Cable regains 1.2300

Dhwani Mehta FXStreet

The UK GDP monthly release showed 0.3% expansion in July versus +0.1% expected and 0.0% previous.

Meanwhile, Index of services (July) arrived at +0.2% 3m/3m vs. +0.1% last.

The Cable extended the recovery and briefly regained the 1.23 handle in a knee-jerk reaction to the UK GDP beat before quickly reversing to the pre-data release levels near 1.2295 region.

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.

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