BREAKING: GBP drops after March GDP miss

UK data pack for March as well as full-Q1 GDP report was released today at 7:00 pm BST. While industrial and manufacturing production data turned out to be better-than-expected, GDP in March grew at a pace of 0.3% YoY - less than 0.4% YoY expected by the market. However, full-Q1 GDP growth reached 0.1% QoQ and matched expectations.

GBP moved lower following the release with March GDP data miss weighting on the currency. GBPUSD dropped to around 1.2510 following the release and another attempt at breaking below 1.25 mark cannot be ruled out.

UK data pack for March

• Industrial production: -2.0% YoY vs -2.9% YoY expected (-3.1% YoY previously)
• Manufacturing production: -1.3% YoY vs -2.5% YoY expected (-2.4% YoY previously)
• GDP: 0.3% YoY vs 0.4% YoY expected (0.5% YoY previously)
• Full-Q1 GDP growth: 0.1% QoQ vs 0.1% QoQ expected (0.1% QoQ previously)

Source: xStation5