Sterling Sinks on Weak Q4 GDP

By @ibtimes on

GBP has plummeted following significantly weaker-than-expected UK Preliminary Q4 GDP data (actual 0.1% vs. forecast 0.4%). The very slim growth exhibited by the UK economy officially ended its longest recession in fifty years; but the weak number shows that recession is still snapping at the coattails of British businesses and consumers and rekindles fears of a double-dip in 2010 - 2011. GBPUSD sank 60 pips immediately on the news and is currently trading near the day-low at 1.6123. EURGBP popped more than 30 pips, and the FTSE 100 continues to drop and is currently down -0.70%.

Join the Discussion