The Pound Sterling (GBP) faces selling pressure against its peers on Friday after the release of weak United Kingdom (UK) Gross Domestic Product (GDP) and factory data for May. The Office for National Statistics (ONS) reported that the UK economy declined by 0.1% on month, against expectations of a 0.1% expansion.
In April, the UK GDP contracted by 0.3%, extending the decline in economic activity for a second straight month.
The poor performance of the industrial sector was one of the reasons behind the economic contraction, data from the ONS showed.. Month-on-month Industrial Production fell at a faster pace of 0.9% compared to the 0.6% drop seen in April. Economists expected Industrial production to have remained flat. On month, Manufacturing Production contracted by 1%, faster than estimates of 0.1% and the prior reading of 0.7%.
Declining UK GDP and factory production are expected to boost market expectations that the Bank of England (BoE) could reduce interest rates in the August policy meeting, a scenario that is theoretically unfavorable for the British currency.
Source: Fxstreet
GBP/USD accelerated into a fifth straight winning session on Wednesday, gaining another 0.55% on the day and pushing through the 1.3200 handle. Price action is now set to challenge key long-term movin...
GBP/USD traded flat and hovered around the 1.3100 level at the start of the week, as trading momentum slowed. Market participants faced a very short week due to the Thanksgiving holiday in the US: US ...
The pound weakened towards 1.3150 against the US dollar in early trading on Monday, ending the previous three-day rally. The dollar's strength was driven by optimism that the longest US government shu...
GBP/USD remained just above 1.3000 on Wednesday after a brief dead-cat bounce following days of selling pressure. Heading into Thursday, the pair was struggling around 1.3050, down more than 3% from i...
GBP/USD fell again for a second session and is now trading around 1.3250 in the Asian session on Wednesday morning. The pound weakened after data from the British Retail Consortium (BRC) showed food p...
Gold prices extend gains, supported by expectations of further U.S. monetary easing, persistent geopolitical risks and strong investor demand. "While U.S. employment data was mixed, markets continue to see the Federal Reserve cutting its interest...
Stocks rose Wednesday after the S&P 500 posted a third losing session, as investors weighed newly released U.S. economic data. The S&P 500 traded 0.1% higher along with the Nasdaq Composite. The Dow Jones Industrial Average climbed 146...
Fed Governor Christopher Waller said Wednesday that the Fed is in no rush to cut interest rates, given the current outlook, according to Reuters. Key points: "The job market is very weak, job growth is not good right now." "The Fed's rate cuts...
New York Federal Reserve President John Williams said on Monday the U.S. central bank's interest rate cut last week leaves it in a good position to...
Stocks rose Monday led by a broad array of names as traders bet data set for release this week will point to tame inflation and strong economic...
Asian markets opened lower in the last full trading week of 2025, fueled by concerns about the prospects for tech company profits and growing AI...
Pasangan mata uang EUR/USD mengawali pekan ini dengan nada sedikit melemah di sesi Asia, diperdagangkan di sekitar 1,1730, turun kurang dari 0,10%...