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UK Growth Contracts Leaving Pound on Offer

The British pound looks to enter the European trading session on the backfoot after UK GDP (see economic calendar below) missed on both 3-month average and YoY figures respectively. The MoM print is quite surprising in that the economy contracted by 0.5% (quickest pace in 7 months!) as opposed to the 0.2% expected. In contrast to the prior print, the UK economy seems to be slowing despite some positives in manufacturing and trade balance figures. A high interest rate environment is clearly weighing on economic growth. Yesterday UK labor data showed some weakness as well which has supplemented today’s downside move post-GDP.

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