Market news
09.07.2021, 12:34

European session review: GBP gains as investors shrug off disappointing UK May GDP data

GBP rose against most of its major rivals in the European session on Friday, as investors shrugged off the weaker-than-expected UK’s GDP growth data for May.

The Office for National Statistics (ONS) reported the UK’s GDP grew by 0.8% m/m in May. This was much lower than the 1.5% advance economists had been looking for and marked a noticeable slowdown from a 2.0% m/m gain in April, despite a further easing of social-distancing rules. Compared with May last year, when Britain was in its first coronavirus lockdown, GDP surged by nearly 24.6%, slightly less than economists’ forecasts of 25.9%. Data also showed that the British GDP remained 3.1 percent below its pre-coronavirus pandemic levels seen in February 2020. 

The pound continued to be supported by the UK Prime Minister Boris Johnson’s plans to lift most of the remaining COVID-19 restrictions in England on July 19.

© 2000-2022. All rights reserved.

This site is managed by Teletrade D.J. Limited 20599 IBC 2012 (First Floor, First St. Vincent Bank Ltd Building, James Street, Kingstown, St. Vincent and the Grenadines).

The information on this website is for informational purposes only and does not constitute any investment advice.

AML Website Summary

Risk Disclosure

Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.

Privacy Policy

Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to Automatic import of materials and information from this website is prohibited.

Please contact our PR department if you have any questions or need assistance at

Live Chat E-mail
Choose your language / location