When are the UK data releases and how could they affect GBP/USD? – by anilpanchal7 UnitedKingdom GBPUSD GDP Events Macroeconomics
traders during the early hours of Monday, at 07:00 GMT with the monthly release of October 2022 Gross Domestic Product figures. Also increasing the importance of that time are Trade Balance and Industrial Production details for the stated period. It’s worth noting that the Bank of England’s monetary policy meeting on Thursday amplifies the importance of today’s UK data dump for the GBP/USD pair traders.
Meanwhile, Manufacturing Production, which makes up around 80% of total industrial production, is expected to ease to -0.1% MoM in October. Also, the total Industrial Production may shrink by 0.3% versus 0.2% previous expansion. It should be observed that the latest headlines suggesting the British manufacturers’ expectations of witnessing 3.2% fall in output during 2023 also exert downside pressure on the GBP/USD price. On the same line are news shared by Reuters suggesting that the UK lenders see 23% slide in mortgages for home-buyers in 2023.
The Manufacturing Production released by the Office for National Statistics measures the manufacturing output. Manufacturing Production is significant as a short-term indicator of the strength of UK manufacturing activity that dominates a large part of total GDP. A high reading is seen as positive for the GBP, while a low reading is seen as negative .
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