- UK GDP records 0% month-on-month in July, compared to the 0.2% forecast.
- GBP/USD struggles around 1.3100 following the UK data release.
The UK economy showed no growth in July, following a stagnation in June, according to the latest data from the Office for National Statistics (ONS) released on Wednesday. The market had anticipated a 0.2% growth for the month.
The Index of Services for July registered a 0.6% increase over three months compared to June's 0.8% growth.
Additional UK data revealed that Industrial Production and Manufacturing Production fell by 0.8% and 1.0%, respectively, in July, both disappointing market expectations.
The UK Goods Trade Balance showed a deficit of GBP 20.003 billion in July, wider than the GBP 18.1 billion forecast and the previous GBP 18.894 billion.
Market reaction to the UK data
Despite the weaker-than-expected UK data, the Pound Sterling remains relatively stable. As of now, GBP/USD is trading 0.16% higher on the day, hovering around 1.3100.
