Pound Sterling declines on weak UK Q3 GDP, labour data
The Pound Sterling (GBP) continues to underperform its major currency peers as weaker-than-projected United Kingdom (UK) preliminary Gross Domestic Product (GDP) data has prompted further economic concerns.
On Tuesday, the UK’s economic uncertainty escalated after the release of the labour market data for the three months ending September, which showed that the Unemployment Rate accelerated to 5%, the highest level seen since February 2021. Read more…
GBP: Soft growth data amid political noise – ING
UK third quarter growth came in slightly below expectations this morning: 0.1% QoQ and 1.3% YoY, ING’s FX analyst Francesco Pesole notes.
“This complicates the job of Chancellor Rachel Reeves a bit more ahead of the UK Budget, where she’ll try to reassure markets with fiscally prudent measures, whilst trying not to dampen growth excessively or stoke up inflation.” Read more…
GBP/USD: Likely to trade in a range of 1.3065/1.3185 – UOB Group
There is scope for Pound Sterling (GBP) to drop below 1.3100; the likelihood of a clear break below 1.3085 is not high. GBP is now more likely to trade in a range of 1.3065/1.3185 rather than edging higher, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note. Read more…