November's 0.1% MoM increase in UK GDP fell short of expectations.
Following the UK economic data, the GBP/USD retests 1.2200.
According to the most recent data released by the Office for National Statistics (ONS) on Thursday, the UK economy resumed its expansion, with the GDP increasing by 0.1% in November after falling by 0.1% in October. Markets anticipated growth of 0.2% during the period under review.
In contrast, the October Index of Services reported 0% 3M/3M as opposed to 0.1%.
According to additional UK data, monthly manufacturing and industrial production fell by 0.3% and 0.4% in November, respectively. The markets were taken aback by both readings.
In addition, the UK goods trade balance for the same period was GBP-19.311 billion MoM, down from GBP-17.9 billion and GBP-19.327 billion earlier.
Response of the market to the UK data
The economic data from the UK fueled the decline in the value of the pound sterling. The GBP/USD exchange rate is currently trading at 1.2200, down 0.29% for the day.
Following the UK economic data, the GBP/USD retests 1.2200.
According to the most recent data released by the Office for National Statistics (ONS) on Thursday, the UK economy resumed its expansion, with the GDP increasing by 0.1% in November after falling by 0.1% in October. Markets anticipated growth of 0.2% during the period under review.
In contrast, the October Index of Services reported 0% 3M/3M as opposed to 0.1%.
According to additional UK data, monthly manufacturing and industrial production fell by 0.3% and 0.4% in November, respectively. The markets were taken aback by both readings.
In addition, the UK goods trade balance for the same period was GBP-19.311 billion MoM, down from GBP-17.9 billion and GBP-19.327 billion earlier.
Response of the market to the UK data
The economic data from the UK fueled the decline in the value of the pound sterling. The GBP/USD exchange rate is currently trading at 1.2200, down 0.29% for the day.
