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- Breaking: GBP/USD jumps after UK GDP beats estimates with 0.5% in May
Breaking: GBP/USD jumps after UK GDP beats estimates with 0.5% in May
- UK GDP arrived at 0.5% MoM in May vs. 0% expected.
- GBP/USD rebounds firmly above 1.1900 on UK GDP big beat.
The UK GDP monthly release showed that the economy rebounded firmly in May, arriving at 0.5% vs. 0% expectations and -0.3% previous.
Meanwhile, the Index of services (May) came in at 0.1% 3M/3M vs. -0.6% estimate and 0.2% prior.
Economists had predicted zero growth in May from April.
Key takeaways via ONS
Health services were a major driver of growth, citing "a large rise in GP appointments".
“Road hauliers also had a busy month, while travel agencies fared well with pent-up demand for holidays.”
Market reaction
The Cable catches a fresh bid and jumps back towards 1.1950 on stronger-than-expected UK growth numbers. The spot is adding 0.29% on the day.
About UK GDP
The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
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