The UK economy faced a setback in July with no growth reported, following a similar trend from June, according to the Office for National Statistics (ONS). The market had anticipated a 0.2% growth for the month.
Additionally, the Index of services for July showed a 0.6% increase compared to June’s 0.8% figure.
On the industrial front, both Industrial Production and Manufacturing Production experienced declines of 0.8% and 1.0% respectively in July, catching markets off guard.
Furthermore, the UK Goods Trade Balance revealed a deficit of GBP-20.003 billion in July, surpassing the expected GBP-18.1 billion and the previous GBP-18.894 billion.
Market Response to UK Data
Despite the underwhelming economic data, the Pound Sterling remains resilient. At present, GBP/USD is trading around 1.3100, showing a 0.16% increase for the day.
British Pound PRICE Today
The table below displays the percentage change of the British Pound (GBP) against major currencies today. The British Pound performed strongest against the New Zealand Dollar.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.23% | -0.15% | -0.86% | -0.10% | -0.08% | 0.06% | -0.40% | |
| EUR | 0.23% | 0.08% | -0.64% | 0.15% | 0.21% | 0.30% | -0.17% | |
| GBP | 0.15% | -0.08% | -0.74% | 0.05% | 0.06% | 0.21% | -0.26% | |
| JPY | 0.86% | 0.64% | 0.74% | 0.79% | 0.79% | 0.92% | 0.46% | |
| CAD | 0.10% | -0.15% | -0.05% | -0.79% | 0.01% | 0.16% | -0.32% | |
| AUD | 0.08% | -0.21% | -0.06% | -0.79% | -0.01% | 0.08% | -0.33% | |
| NZD | -0.06% | -0.30% | -0.21% | -0.92% | -0.16% | -0.08% | -0.46% | |
| CHF | 0.40% | 0.17% | 0.26% | -0.46% | 0.32% | 0.33% | 0.46% |
The heat map reflects the percentage changes of major currencies relative to each other. The base currency is selected from the left column, while the quote currency is chosen from the top row. For instance, if you choose the British Pound from the left column and move horizontally to the US Dollar, the displayed percentage change represents GBP (base)/USD (quote).
Analysis:
The UK economy faced stagnation in July, with no growth recorded, disappointing market expectations. However, the Pound Sterling remained steady against the US Dollar, showing resilience in the face of economic challenges. Investors should monitor further economic data releases and market trends to make informed decisions regarding their investments and financial strategies.