Worse-than-expected UK GDP data for Q4 plunged the UK into recession. Attention now turns to possible tax cuts to be announced in the Spring Statement - BoE stands firm
Despite the gloomy news, early estimates of 2023 GDP as a while point to a 0.1% rise compared to 2022. This seemingly positive news is put into perspective when you consider the yearly growth represents the weakest annual change in UK GDP since thein 2009. The histogram below reveals the growth struggles in the UK despite budgetary measures put in place by the Chancellor of the Exchequer in the Autumn statement.
At 13:00 GMT markets will get insight into how January GDP is tracking when the National Institute for Economic and Social Development releases its monthly tracker.. Japan also confirmed a recession as Q4 GDP missed estimates, taking the market by surprise. It has been a week full of UK data but ultimately the pound appears to be worse off because if it. A robust labour market and stubborn inflation have temperedboth appear to be heading lower.
The FTSE opened strongly this morning, buoyed by the weaker pound. The local index has not enjoyed the same good fortune as US indices but looks to achieve a two-day advance ahead of the weekend.Leveraged trading in foreign currency or off-exchange products on margin carries significant risk and may not be suitable for all investors. We advise you to carefully consider whether trading is appropriate for you based on your personal circumstances. Forex trading involves risk.
We recommend that you seek independent advice and ensure you fully understand the risks involved before trading. Information presented by DailyFX Limited should be construed as market commentary, merely observing economical, political and market conditions. This information is made available for informational purposes only. It is not a solicitation or a recommendation to trade derivatives contracts or securities and should not be construed or interpreted as financial advice.
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