Webinar: UK GDP Data Increase Likelihood of UK Rate Rise
- UK GDP expanded by 0.4% in Q3, above the 0.3% predicted and above the previous 0.3%.
- That makes an interest rate increase by the Bank of England on November 2 even more likely and that strengthened the British Pound.
- In this webinar, DailyFX Analyst and Editor Martin Essex looked at the data before and after their release, plus their impact on interest rates and the currency.
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UK economic growth picked up from 0.3% to 0.4% quarter/quarter in the third quarter of the year, beating expectations of an unchanged figure. Year/year growth was unchanged, as expected, at 1.5%. A stronger number for industrial output more than offset a slightly worse figure for construction.
Taken together, the data make a quarter-point increase in UK interest rates on November still more likely and that gave the pound a lift. However, GBP/USD and the Sterling crosses remain largely within their recent trading ranges and could stay there until after the interest rate decision on Thursday week.
--- Written by Martin Essex, Analyst and Editor
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.