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The GBP is relatively lower against the major currencies after the GDP data

2019-03-12 10:18 am | Resource: News | No Views : 110

 British trade data, industrial production, construction data and GDP were all released for January at 11:30 am, Central Europe on Tuesday. After these data, the pound fell against major currencies.

UK GDP rose 0.5% in January, up from a 0.4% drop in December, the National Bureau of Statistics said in its monthly estimates on Tuesday. In the three months to January, the increase in economic activity was 0.2% compared to the previous three months.

Industrial production in the UK rose 0.6% in January

The UK National Bureau of Statistics said in a report released on Tuesday that production in the UK rose by 0.6% in January compared to the previous month. The increase was primarily due to growth in the manufacturing sector, which grew by 0.6% to its first monthly increase since June 2018. The monthly increase resulted from a rise in 8 of the 13 sub-sectors, with the largest incremental contribution of medicines, which rose 5.7% .

However, production output fell by 0.8% in the three months to January compared to the three months to October 2018 due to the decline in three major sectors. The monthly decline of 0.7% in manufacturing was mainly due to large declines of 4.0% for basic metals and metal products and 2.0% for transport equipment.

The deficit in the UK is growing by £ 8.2 billion a year until January

The UK trade balance for the three months ending in January showed a 1.3 billion pound deficit, with a £ 2.4 billion jump in the commodities sector. In the report released on Tuesday, the Office for National Statistics said it was measured by a drop in car and fuel shipments abroad and marked growth in car imports. The three-month measure, used to eliminate monthly irregularities, included a jump in trade deficit with the EU of £ 1.6 billion and £ 0.8 billion with other countries. The gap widened by 8.2 billion pounds in the 12 months to January.

The annual reading showed a jump in total imports, which topped the increase in exports. Services surged by 4.8 billion pounds, up 11.2 billion pounds from imports, mostly in the financial sector. The goods deficit rose by £ 3.4 billion - outgoing shipments added £ 10.6 billion, but imports increased by £ 14 billion. Most of the increase on both sides is due to fuel.

  The pound traded against the major currencies.
  • The pound rose against the dollar by 0.40% trading at 1.3210 against the dollar.
  • Sterling continued to rise against the yen by 0.53%, with the GBP trading at 147.18 against the Yen
  • The Pound was up 0.14% against the Euro and the Euro was trading at 0.8540.
  • The franc fell against the British pound to levels of 1.3316, down 0.18%.

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