13/05/2020

UK GDP data beats expectations


GBP

The early hours of today saw the pound recover slightly from yesterday’s losses as UK GDP fell by less than expected. UK monthly GDP dropped by 5.8%, which was significantly better than the expected plunge of 8%. Quarterly GDP also beat projections, falling by 2% instead of the expected contraction of 2.5%. 

This comes after yesterday where we saw a 20 day low on the pound which was driven by confusion on the UK lockdown measures, the continual rise in the death toll and the revival of Brexit talks. So far this month, the pound has been the worst performing G10 currency as investors are deterred by the current landscape in the UK. We did have the announcement that the Government furlough scheme would be extended until October, but this did not give the pound any respite as figures were also released yesterday showing that Britain’s death toll went past 38,000, meaning the UK is now the worst affected country in Europe.

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