UK final GDP revised up to-19.8% QoQ in Q2, GBP/USD unfazed

UK GDP plunged 19.8% QoQ in Q2 vs. -20.4% expected. UK Current Account deficit stood at GBP-2.8 B in Q2. GBP/USD keeps the red below 1.2850 on the mi  |  30/09/2020 06:02

  • UK GDP plunged 19.8% QoQ in Q2 vs. -20.4% expected.
  • UK Current Account deficit stood at GBP-2.8 B in Q2.
  • GBP/USD keeps the red below 1.2850 on the mixed UK data.

The final reading of the second quarter 2020 UK GDP came in at -19.8% QoQ vs. -20.4% expected and -20.4% last while on an annualized basis the figure stood at -21.5% vs. -21.7% expected and -21.7% seen previously.

The Current Account numbers for Q2 came in at GBP-2.8 B versus GBP-0.4 B expected and GBP -21.1 B prior.

Meanwhile, the Total Business Investment arrived at -26.5% QoQ in Q2 vs. -31.4% previous and -31.4% expectations.

The Cable remains in the red below 1.2850, largely unfazed by the mixed UK macro news.

About UK GDP

The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).

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