BREAKING: GBPUSD drops after lower GDP readings📌

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07:00 AM BST, United Kingdom - GDP data for April:

GDP: actual 0.9% YoY; previous 1.1% YoY;
GDP: actual -0.3% MoM; forecast -0.1% MoM; previous 0.2% MoM;
Monthly GDP 3M/3M Change: actual 0.7%; forecast 0.7%; previous 0.7%;

07:00 AM BST, United Kingdom - Balance of Tade Data for April:

Trade Balance: actual -23.21B; forecast -20.80B; previous -19.87B;
Trade Balance Non-EU: actual -8.65B; previous -6.83B;

07:00 AM BST, United Kingdom - Manufacturing Production for April:

actual -0.9% MoM; forecast -0.8% MoM; previous -0.8% MoM;
actual 0.4% YoY; forecast 0.4% YoY; previous -0.8% YoY;

07:00 AM BST, United Kingdom - Industrial Production for April:

Industrial Production: actual -0.6% MoM; forecast -0.4% MoM; previous -0.7% MoM;
Industrial Production: actual -0.3% YoY; forecast -0.2% YoY; previous -0.7% YoY;

The British pound weakens following the release of weaker macroeconomic data. The most striking figure is the disappointing April GDP report, showing that the UK economy contracted by 0.3% month-over-month. Industrial production data also came in below expectations.

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