U.K. GDP data - Ester Holdings
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U.K. GDP data

  • GDP (m/m), fact 0.2%, forecast 0.2%.
  • Industrial Production (m/m) (Feb), fact 0.6%, forecast 0.1%.
  • Production volume in the manufacturing industry (m/m) (Feb), fact 0.9%, forecast 0.2%.
  • Trade balance (Feb), fact -14.11B, forecast -12.50B.
  • Trade balance excluding EU countries (Feb), fact -5.84B, forecast -4.50B.

Data for the UK turned out to be very ambiguous. GDP data coincided with the forecast and confirmed the slowdown in the UK economy. At the same time, the volume of production in the manufacturing industry slowed down less significantly than expected, but still declined. The trade balance continues to increase the deficit.

Fig. Production chart of the UK Manufacturing Industry

The British pound almost did not respond to the published statistics, remaining completely focused on waiting for a postponement of the Brexit. Earlier, the UK government asked the EU to postpone Brexit, since the British Parliament was unable to accept the plan for divorce. Despite the fact that the EU will give a delay on its own terms, the market is actually confident of such a result.

A  GBP USD pair keeps a moderately downward trend, limited to attempts of correction on the weakness of the American dollar. Resistance levels: 1.3130 and 1.3150, support: 1.3020 and 1.2990.

Fig. 2.  GBP USD chart. The current price is 1.3070.

Read also: “Emerging markets and their prospects: South African rand (ZAR)”

Hanzenko Anton


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