UK GDP rebounds 0.5% MoM in February vs. 0.1% expected
Source Fxstreet
- UK GDP expanded 0.5% MoM in February, beating estimates.
- GBP/USD keeps range near 1.3000 after the UK economic data.
The UK economy expanded in February, with the Gross Domestic Product (GDP) rebounding 0.5% after recording no growth in January, the latest data published by the Office for National Statistics (ONS) showed on Friday. The market forecast was for a 0.1% growth in the reported period.
Meanwhile, the Index of services (February) came in at 0.6% 3M/3M versus January’s 0.4%.
Other data from the UK showed that monthly Industrial and Manufacturing Production jumped by 1.5% and 2.2%, respectively, in February. Both readings better market expectations.
Market reaction to the UK data
The upbeat UK economic data failed to inspire the Pound Sterling. At the press time, GBP/USD is trading 0.20% higher on the day near 1.3000.
Disclaimer: For information purposes only. Past performance is not indicative of future results.
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