- UK GDP arrived at -20.4%% MoM in April vs. -18.4% expected.
- GBP/USD holds on to the latest recovery attempt post-data.
The UK GDP monthly release showed that the economy contracted by a record during April lockdown, arriving at -20.4% versus -18.4% expected and -5.8% previous.
Meanwhile, Index of services (April) arrived at -9.9% 3M/3M vs. -2.0% expected and -1.9% prior.
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).
FX implications
The Cable continues to probe the daily highs at the 1.2600 level, largely unfazed by the UK growth numbers.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD: Rebound remains capped at 0.6200 despite gradual US tariff plan
AUD/USD stalls the overnight bounce to near 0.6200 despite reports of gradual Trump tariffs boost investors' sentiment and weigh on the US Dollar. Bets that the Fed will pause its rate-cutting cycle, the RBA's dovish shift, China's economic woes and geopolitical risks act, however, remain a headwind for the Aussie.
USD/JPY volatile within range below 158.00 after BoJ Himino's comments
USD/JPY is seeing a volatile Asian session below 158.00 on Tuesday, courtesy of a dovish commentary from BoJ Deputy Governor Himino as he ruled out a rate hike later this month. However, a negative sentiment on Japanese stocks and a broad US Dollar retreat drag the pair lower.
Gold buyers refuse to give up as focus shifts to US inflation data
Gold price is back on the bids in Asian trading on Tuesday, having found fresh buyers near the $2,660 region. Gold buyers try their luck again heading into the US inflation test, with the Producer Price Index slated for release later in the day.
XRP could be set for massive rally as lawyer sheds light on SEC's appeal against Ripple
XRP's strong resilience against the wider crypto market decline was strengthened by increased buying activity across retail and institutional investors.
Bitcoin falls below $92,000 as exchanges show overheating conditions
Bitcoin (BTC) continues its ongoing correction, falling below $92,000 on Monday after declining almost 4% last week. CryptoQuant data shows that BTC is overheating in exchanges and suggests further decline ahead.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.