UK GDP disappoints with 0% in January, GBP/USD holds BOE-related gains
|The UK economy stagnated in January, worse than 0.2% expected and 0.3% in December. On a three month basis, the economy remained flat compared to 0.1% projected. Year over year, Gross Domestic Product is up 0.6% versus 0.9% projected and 1.2% in December.
Industrial Production fell by 0.1% in January, worse than +0.3% expected. Yearly, the output is down 2.9%, below -2.6% projected. Manufacturing production met expectations with 0.2% monthly and marginally missed with -3.6% compared with 3.5% projected.
GBP/UDS is trading around 1.2960, holding onto its gains after the Bank of England slashed interest rates by 50 basis points and introduced a new £100 lending scheme to counter the economic fallout from coronavirus.
See GBP/USD Forecast: Three reasons why the surprise BOE cut is pound-positive, levels to watch
Here are the latest moves on the 15-minute chart.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.