Pound Shrugs Off Lukewarm GDP Data
There were some highly anticipated releases on Tuesday, but the lukewarm readings left investors shrugging their shoulders, as the pound showed little reaction. Preliminary GDP came in at a flat zero in the fourth quarter, matching the estimate. There was better news from the monthly GDP report, which showed a gain of 0.3% in December, edging above the estimate of 0.2%. This marked the indicator’s first gain since July.
On the manufacturing front, Manufacturing Production improved in December, with a gain of 0.3%. In November, the indicator declined by 1.7%. Still, this reading fell short of the estimate of 0.5%.