- The Pound Sterling consolidates in a tight range around 1.2800 against the US Dollar. The pair trades broadly unchanged after Wednesday’s release of the UK monthly Gross Domestic Product (GDP) and factory data for January, which showed the economy grew by 0.2% as expected, boosted by higher demand at retailers and sales of house-building materials. Meanwhile, Industrial Production remained weak.
- The expected growth in the UK economy at the start of 2024 has brought some relief to UK Prime Minister Rishi Sunak ahead of elections, which must be held no later than the end of January 2025. Chancellor of the Exchequer Jeremy Hunt said: "While the last few years have been tough, today's numbers show we are making progress in growing the economy,” Reuters reported.
- The UK economy has returned to growth after falling into a technical recession in the second half of 2023. However, it is too early to say that the recession was shallow and the economy has come out of it until data for the first quarter as a whole shows an expansion. The Office for Budget Responsibility (OBR) forecasts the UK economy to grow by 0.8% in 2024.
- Going forward, market expectations for the Bank of England rate cuts will drive the Pound Sterling’s next moves. Investors’ bets for the BoE reducing interest rates in the August meeting have strengthened on slower-than-expected wage growth in three months ending January.
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