The UK economy grew less during the first quarter of 2016 but in line with expectations. First quarter GDP growth was 0.4% overall. Services output was the star (unsurprisingly) with an increase of 0.6%, however, output in Production fell by 0.4%, Construction output slipped by 0.9% and Agriculture dropped by 0.1%. Additionally 2015 fourth quarter growth was revised higher to 0.6% from 0.5%.
Although manufacturing remains poor and Brexit remains ever present, for now the figures were received rather positively for sterling. Following an initial sell off earlier; GBPUSD rose to 1.4580 and GBPJPY to 162.20, EURGBP remains rather moribund around 0.7755.
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Chief Market Analyst
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About Janne Muta, HotForex’s Chief Market Analyst
Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
Traders and fund managers from around the world have benefited greatly from Janne’s technical analysis methods. The indicators and price action based trading models he has developed, have, after rigorous testing, proven to be invaluable in identifying high probability trades.
“My mission is to help you to become a confident and successful trader”
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