U.K. data
- Business investment (q/q) (Q2), fact -0.5%, forecast -0.3%.
- GDP (q/q) (Q2), fact -0.2%, forecast 0.0%.
- GDP (y/y) (Q2), fact 1.2%, forecast 1.4%.
- Industrial production (m/m) (June), fact -0.1%, forecast -0.2%.
- The volume of production in the manufacturing industry (m/m) (June), fact -0.2%, forecast -0.1%.
- Trade balance (June), fact -7.01B, forecast-11.80B.
- Trade balance excluding EU countries (June), fact -0.19B, forecast -4.70B.
U.K. data turned out to be more negative due to preliminary GDP data and a slowdown in manufacturing. The main negative factor was the quarterly GDP data, which for the first time since March 2013 showed a negative value. The annual GDP indicator returned to the minimum values of last September. The positive note of the report was the data on the trade balance, which reduced the deficit to the level of 2012.
Fig. 1. UK GDP Chart (y/y)
On the publication of very disappointing data on the UK GDP, the British pound accelerated the decline against major competitors. He updated the weekly lows, but was limited by market restraint. The GBP/USD pair accelerated the decline, remaining limited by the support levels: 1.2080 and 1.2050.
Fig. 2. The GBP/USD chart. Current price – 1.2100
Read also: “An engulfing strategy. A Trend reversal»
Hanzenko Anton
Earn with the help of the trade service on the news Erste News!
Topical articles of the trader’s blog: