The US dollar strengthened against the British Pound , following the UK GDP and Manufacturing Production data release. The GBP/USD currency pair lost 8 pips, or 0.06%. The British pound kept going downwards after the data release to continue trading at the 1.3159 area.
The Office for National Statistics released Gross Domestic Product data that came lower-than-expected of 0.0% with the forecasted 0.1%. Moreover, UK Manufacturing Production data came out together with the UK GDP data release with the data lower-than-expected of negative 0.2% compared with the forecasted 0.1%.
Rob Kent-Smith, Head of GDP at the Office for National Statistics said: "The economy continued to rebound strongly after a weak spring, with retail, food and drink production and house building all performing particularly well during the hot summer months. However, long-term growth continues to lag behind its historical trend."
| Historical Data Table: GDP m/m | Economic Calendar for 10.10.2018 | ||||||||
| Date | 10.07.2018 | 10.08.2018 | 10.09.2018 | 10.10.2018 | - | 12:30 PM | US PPI m/m | ||
| Actual | 0.30% | 0.10% | 0.30% | 0.00% | - | Tentative | US Treasury Currency Report | ||
| Forecast | 0.00% | 0.20% | 0.20% | 0.10% | - | 22:00 PM | US FOMC Member Bostic Speaks | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| GBP/USD | 1.31575 | 1.31569 | 0.00% | GBP/USD | 55.81% | 44.19% | |||
| EUR/GBP | 0.87311 | 0.87322 | 0.01% | EUR/GBP | 73.86% | 26.14% | |||
| GBP/CAD | 1.70408 | 1.70432 | 0.01% | GBP/CAD | 65.26% | 34.74% | |||
| GBP/JPY | 148.873 | 148.883 | 0.01% | GBP/JPY | 43.89% | 56.11% | |||