The British Pound depreciated against the US Dollar, following the UK GDP data release on Monday at 09:30 GMT. The GBP/USD exchange currency rate lost 14 pips or 0.11% right after the release. The British Pound continued trading at the 1.2803 level against the Greenback.
The Office for National Statistics released the UK Prelim GDP data, which came out worse-than-expected of 0.3% compared with the forecast of 0.4%. Also, note that the UK Manufacturing Production data was released at the same time.
According to the official release: “When compared with the same quarter a year ago, UK GDP increased by 1.0% in Quarter 3 2019; this is the slowest rate of quarter-on-year growth since Quarter 1 (Jan to Mar) 2010. The service and construction sectors provided positive contributions to GDP growth, while output in the production sector was flat in Quarter 3 2019. Private consumption, government consumption and net trade contributed positively to GDP growth, while gross capital formation (GCF) contributed negatively to growth in Quarter 3 2019.”
