Hot Daily Analysis on 12 Feb 2020

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UK Economic Data Provides Boost to GBP
Independent Analyst: Thibault Moirez
Date: 12 February 2020

The British pound was the strongest performer on Tuesday on the back of upbeat economic data releases. Year over year Q4 GDP figures came in above expectations at 1.1 per cent, with the December Goods Trade Balance climbing to 0.845 billion versus consensus of -10 billion.

The positive data helped to increase bids on the GBPUSD, as a new wave of optimism countered fears of an economic downturn during the Brexit transition period. Currencies tend to react strongly to economic data figures which deviate significantly to the market’s expectations.

Traders will be looking to the March data releases to confirm whether the UK economy has indeed kicked off the year on a stronger note post Brexit election of December. If the data does indeed point to a follow through of the pickup in economic activity in January, we could be expecting a status quo in the monetary policy of the Bank of England.

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