When is the UK GDP and how could it affect GBP/USD? – by anilpanchal7 UnitedKingdom GDP GBPUSD Events Macroeconomics
Having witnessed a contraction of 0.3% in economic activities during March 2023, market players will be interested in April month’s GDP figures to defy the fears of an economic slowdown. That said, forecasts suggest that the UK GDP will mark a 0.2% improvement in April’s economic activities and bolster the hawkish BoE bias.
Considering the yearly figures, the Industrial Production for April is expected to have dropped by -1.7% YoY versus -2.0% previous while the Manufacturing Production is anticipated to have improved to -0.9% in the reported month versus -1.3% the last. That said, a positive surprise from the scheduled British statistics may, however, won’t be enough to keep the GBP/USD firmer amid the loomingdecision. Hence, a kneejerk bounce in the Cable price could be witnessed in the case of the firmer UK data.
The trade balance released by the Office for National Statistics is a balance between exports and imports of goods. A positive value shows a trade surplus, while a negative value shows a trade deficit. It is an event that generates some volatility for the GBP.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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