UK GDP data beats expectations
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.
12:00 – Join our live webinar on ‘Managing Currency Exposure during Covid-19’
Webinar ID: 984 1233 3269
14:00 – USD – Federal Reserve Chair Powell Speech
Why choose RationalFX?
Based in the heart of London’s financial district Canary Wharf, RationalFX has traded over $10billion in currencies across the globe. Take advantage of our competitive exchange rates, market expertise, suite of FX products and online payment platform when you make bank to bank transfers in over 50 currencies worldwide.
Whatever your reason for making overseas payments, we’re confident our currency specialists can save you time and money while providing peace of mind. Call our team now on: +44 20 7220 8181