UK GDP makes another dovish turnaround

Negative Economic Reports from Britain but GBP is Interested in Only Brexit Right Now

Posted Wednesday, October 10, 2018 by
Skerdian Meta • 1 min read

We were waiting for the GDP report as well as the manufacturing report from the UK this morning. They were released a while ago and both were pretty negative. Let’s have a look at the numbers below:

ExpectedActual
UK GDP MoM0.1%0.0%
UK Manufacturing production 0.1%-0.2%
UK Inductrial Production0.1%0.2%
UK Construction PMI-0.5%-0.7%
UK Index of Services 0.1%0.0%

As you can see from the table, most of the numbers were negative apart from industrial production. The GDP growth fell flat, coming from a 0.3% increase last month. Manufacturing production decreased by 0.2% while construction tumbled by 0.7%.

The GBP should have taken a major dive after such horrible numbers, but Brexit is taking all the attention right now. UK Brexit Secretary Dominic Raab said that he might be flying to Brussels next Monday, trying to strike a deal with the EU. So, these comments are keeping the GBP/USD afloat now.

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About the author

Skerdian Meta is our Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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