UK GDP causes volatility

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The monthly UK GDP data has surprised the markets by revealing that the UK economy has shrunk. Namely, the GDP has decreased by 0.1% instead of growing by 0.2%.

The GBP declined after the news. However, the decline ended after three hours and losses were recovered by midday.

The main reason for the recovery is the fact that the Bank of England already expected bad economic news and had cut interest rates to stimulate the economy during the prior month, which indicates that this negative data set will not turn into a recession.
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