The British Pound traded sideways against the US Dollar, following the UK GDP and Manufacturing Production data release on Friday at 06:00 GMT. The GBP/USD exchange currency rate gained 2 pips or 0.02% after the release. The Pound continued trading at the 1.2640 level against the Greenback after the release.
The Office for National Statistics released the UK GDP data, which came out worse-than-expected of negative 20.4% compared with the forecast of negative 18.6%.
According to the official release: "April's fall in GDP is the biggest the UK has ever seen, more than three times larger than last month and almost ten times larger than the steepest pre-covid-19 fall. In April the economy was around 25% smaller than in February. Virtually all areas of the economy were hit, with pubs, education, health and car sales all giving the biggest contributions to this historic fall. Manufacturing and construction also saw significant falls, with manufacture of cars and housebuilding particularly badly affected."
| Date | 11.02.20 | 11.03.20 | 09.04.20 | 13.05.20 | 12.06.20 |
|---|---|---|---|---|---|
| Actual | 0.3% | 0.0% | -0.1% | -5.8% | -20.4% |
| Forecast | 0.2% | 0.2% | 0.1% | -7.9% | -18.6% |
| Pair | Open | Close | Change |
|---|---|---|---|
| EUR/GBP | 0.89796 | 0.89773 | -0.03% |
| GBP/CAD | 1.71372 | 1.71435 | 0.04% |
| GBP/JPY | 135.13300 | 135.13 | 0.00% |
| GBP/USD | 1.25984 | 1.26036 | 0.04% |
| Pair | Longs | Shorts |
|---|---|---|
| EUR/GBP | 28.6% | 71.4% |
| GBP/CAD | 44.6% | 55.4% |
| GBP/JPY | 48.4% | 51.6% |
| GBP/USD | 39.6% | 60.4% |
Economic calendar