- UK GDP arrives at -0.1% MoM in Feb vs. +0.1% expected.
- GBP/USD keeps losses below 1.2400 on downbeat data.
The UK GDP monthly release showed that the UK economy showed a contraction in February, arriving at -0.1% versus +0.1% expected and 0.0% previous.
Meanwhile, Index of services (February) arrived at +0.2% 3M/3M vs. +0.1% expected and 0.0% last.
About UK GDP
The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
The pound was little changed on the UK GDP contraction, as GBP/USD kept losses near 1.2370 region, slightly off the 1.2364 lows.