U.K. GDP data

• GDP (q/q) (Q1), fact 0.5%, forecast 0.5%.
• GDP (y/y) (Q1), fact 1.8%, forecast 1.8%.
• GDP (m/m), -0.1% fact, 0.0% forecast.
• The volume of production in the manufacturing industry (m/m) (March), fact 0.9%,  forecast 0.2%.
• Change in monthly GDP 3m/3m, fact 0.5%, previous value 0.3%.
• Trade balance (March), fact -13.65B, forecast -13.80B.

The report on the UK GDP for the first quarter was very restrained, fully coinciding with the forecasts, except for the monthly calculation of GDP, which slowed down, which confirmed the restrained dynamics of the UK economy. Production data in the manufacturing industry and the UK trade balance were very positive, but confirmed the existing weak dynamics.

Fig. 1. U.K. GDP (m m)

The British pound reacted with restraint to the published report. The market chose to focus on the remaining political risks in the UK and the lack of a unified position on Brexit.

The GBP/USD pair continues to trade with restraint near the borders of the descending channel, maintaining the potential for decline. Limited to resistance levels: 1.3030 and 1.3050, support: 1.2970 and 1.2940.

Fig. 2. GBP/USD. Current price – 1.3000

Read also: “Stock Indices: European Uniont”

Hanzenko Anton

Earn with the help of the trade service on the news Erste News!

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