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Weighing in at around 0.8470, the Euro is weak against the Pound before the release of UK GDP figures

Alina Haynes

Aug 12, 2022 12:06

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Since last Thursday, the Euro to Pound exchange rate has been unable to break beyond the 0.8465 barrier. The asset is expected to behave erratically as investors wait for data on the UK's gross domestic product (GDP). On August 1st, the cross hit a three-month low of 0.8340 and has since rallied strongly.

 

In contrast to the 0.8% growth seen in the first quarter of CY2022, preliminary estimates show that the UK GDP shrank by 0.2% in the second quarter. It is also expected that annual data would drop to 2.8% from 8.7% in the previous report. If the growth rate is falling, it means that aggregate demand for goods and services has dropped sharply, which has dampened economic activity.

 

The United Kingdom's GDP predictions have been reduced due to rising price pressures and a contained Labor Cost Index. Mounting payouts act as a headwind for families already struggling to make ends meet in the face of rising cost constraints. In addition, they have decreased their demand because of the low AVERAGE HOURLY WAGE.

 

Data on manufacturing output is also expected to be subpar. From the prior 2.3% annual report, we expect a drop to 0.9%. There is also an expectation that the monthly numbers will indicate a drop of 1.8% from the earlier figure of 1.4%.

 

Industrial production figures for the Eurozone will be released by Eurostat, and they are expected to fall 0.2% month-on-month and 0.8% annually.


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