The UK economic data which was released a while ago was all negative. The GDP for June missed expectations of 0.1%, falling flat at 0.0% while May was revised lower to 0.2% from 0.3%. The Q2 GDP came in at 0.2% contraction, as did the manufacturing production for June.

Construction output fell by 0.7% in June, industrial production declined by 0.1% for the same period while business investment for Q2 also declined by 0.5%. Although, the UK Finance Minister Sajid Javid is trying to sound optimistic.Here are some of his comments after the economic reports today:

• Economic fundamentals are strong
• It is a challenging period across the global economy
• Government is determined to provide certainty on Brexit
• Wages are growing and employment is at a record high
• Q2 GDP fall reflects volatility in the data
• We’re still expected to grow faster than Germany, Italy and Japan this year”
• Q2 GDP fall was “not a surprise in any way”
• Does not expect a recession at all
• Will ensure that UK lives within its means

When you don’t have anything going for yourself you start comparing to other countries that are doing worse than you,right? But, the numbers don’t lie and GBP/USD is slipping lower, heading for 1.20 now after breaking below 1.21 a while ago.