United Kingdom macro readings (October):
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UK GDP MoM: -0.1 v 0.1% exp. and -0,1% previously
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UK GDP Estimate 3M/3M: 0.2% vs 0.3% exp. and 0.5% previously
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Open account Try demo Download mobile app Download mobile appUK GDP showed unexpected contraction by declining 0.1% month-over-month in October, falling short of the expected 0.1% growth and matching the previous month's -0.1% reading, suggesting continued economic weakness
Industrial Production significantly underperformed with a -0.6% MoM decline versus +0.3% expected, deteriorating from the previous -0.5% reading, indicating challenges in the manufacturing sector
Manufacturing Production remained weak at -0.6% MoM versus +0.2% expected and improving slightly from -1.0% previously, highlighting ongoing struggles in the manufacturing sector
Three-month GDP trend remained positive at 0.1% (3M/3M), though coming in below the 0.2% forecast while matching the previous period's 0.1%, suggesting minimal but stable growth over the medium term
Trade deficit widened considerably to -18.97B GBP, much worse than the expected -16.10B GBP and the previous -16.32B GBP, indicating deteriorating trade conditions
GBPUSD slumps 0.2% on the news.
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