• UK GDP contracted 0.3% MoM in April, missing estimates.
  • GBP/USD pares gains toward 1.3550 after the UK economic data.

The UK economy contracted in April, with the Gross Domestic Product (GDP) declining 0.3%, having increased by 0.2% in March, the latest data published by the Office for National Statistics (ONS) showed on Thursday.

The market consensus was for a 0.1% decline in the reported period.

Meanwhile, the Index of services (April) came in at 0.6% 3M/3M versus March’s 0.7%.

Other data from the UK showed that monthly Industrial and Manufacturing Production dropped by 0.6% and 0.9%, respectively, in April. Both readings fell short of market expectations.

Market reaction to the UK data

The downbeat UK economic data exerted bearish pressures on the Pound Sterling. At the press time, GBP/USD is trading 0.12% higher on the day near 1.3570, retreating from intraday highs of 1.3594.

British Pound PRICE Today

The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the weakest against the Japanese Yen.

USD EUR GBP JPY CAD AUD NZD CHF
USD -0.36% -0.18% -0.53% -0.16% 0.00% -0.21% -0.50%
EUR 0.36% 0.19% -0.18% 0.19% 0.34% 0.15% -0.12%
GBP 0.18% -0.19% -0.37% 0.00% 0.14% -0.05% -0.33%
JPY 0.53% 0.18% 0.37% 0.36% 0.52% 0.27% 0.03%
CAD 0.16% -0.19% -0.01% -0.36% 0.17% -0.07% -0.34%
AUD -0.00% -0.34% -0.14% -0.52% -0.17% -0.19% -0.44%
NZD 0.21% -0.15% 0.05% -0.27% 0.07% 0.19% -0.29%
CHF 0.50% 0.12% 0.33% -0.03% 0.34% 0.44% 0.29%

The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).

Source: Fxstreet