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Did Not have time to leave a positive report, which testified to the fact that the British economy could sustain growth at the end of 2019, despite the decline in some sectors and decrease investment, many skeptics immediately reminded of the consequences of Brexit and the uncertainty associated with the trade agreement the EU and the UK. It is worth noting that, despite all the negativity, in December 2019, UK GDP was much higher than growth of the same in Germany or France. Start 2020 promises to be even better.
of Course, to say that the UK has coped with the consequences of decline in industrial production and the technical recession from which the economy struggled in the past year, still very early. However, the trade conflict between the US and China, partially allowed, as the situation with the Brexit, which clearly will benefit companies and households.
According to the current data of the National Bureau of statistics of great Britain, in 2019, GDP grew by 1.1% yearly after rising by 1.3% in 2018. The data came higher than the forecasts of economists, who had expected GDP in 2019 0.8%. In the 4th quarter compared to 3rd quarter UK GDP growth was at zero, which completely coincided with forecasts of economists, but rose 0.3% in December compared to November, when there was a fall of 0.3%. Now the whole emphasis has shifted towards the outcomes of the talks between London and Brussels, which will begin in March of this year. The parties will have a good "sweat" to find a common language and to make a number of compromises, agreeing the conditions for future economic cooperation. British Prime Minister Boris Johnson is aiming to conclude a free trade agreement with the EU until 31 December 2020, although many are skeptical about this. However, given the reduction in the uncertainty of the political Outlook, after the election results in December 2019, the UK economy will gradually gain momentum and demonstrate the recovery in the 1st quarter of 2020.
other data that came out today in the UK, you should pay attention to the positive balance of foreign trade in goods, which in December 2019 amounted to 845 billion pounds, while with countries outside the EU, the balance was only at 6.7 billion pounds.
as for industrial production, it rose in December by 0.1% compared to November, but decreased by 1.8% yoy. Economists had forecast a larger increase of 0.7%. Production in the manufacturing industry in the UK in December rose 0.3% and fell by 2.5% compared to December 2018. As I mentioned above, reducing capital investment of British companies in the 4th quarter preserved. The index fell by 1.0% in the 4th quarter compared to 3rd, but rose 0.9% on an annual basis.
as for the technical picture of the GBPUSD pair, it remained unchanged. Break of yesterday's high 1.2940 will lead to the demolition of a number of stop orders and bears larger reconstruction of the trading instrument in the area of 1.3000 and 1.3050.
the Material has been provided by InstaForex company - www.instaforex.com
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