BREAKING: GBP gains after solid Q1 GDP data

UK data pack including GDP data for Q1 2024 and industrial production data for March was released today at 7:00 am BST. Report turned out to be a positive surprise with GDP and industrial data beating expectations. UK economy expanded by 0.6% QoQ - the fastest pace of growth since Q1 2022. Meanwhile, industrial production data unexpectedly increased on a monthly basis.

Unsurprisingly, GBP reacted positively to the data with GBPUSD trading around 0.1% above pre-release levels.

UK, GDP report for Q1 2024

• Quarterly: 0.6% QoQ vs 0.4% QoQ expected (-0.3%  QoQ previously)
• Annual: 0.2% YoY vs 0.0% YoY expected (-0.2% YoY previously)

UK, industrial production for March

• Monthly: 0.2% MoM vs -0.4% MoM expected (1.1% MoM previously)
• Annual: 0.5% YoY vs 0.3% YoY expected (1.4% YoY previously)

Source: xStation5