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Market Analysis
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The latest data from the Office for National Statistics (ONS) shows that the UK economy expanded by 0.1% in February, matching market expectations. This follows a 0.3% growth in January. Despite the modest growth, the GBP/USD remains below the 1.2650 mark, trading at 1.2535, down 0.10% on the day.
The Index of Services showed a slight improvement, registering a 0.2% increase for the three months leading up to February, compared to a flat reading in January. Industrial and Manufacturing Production also saw gains in February, rising by 1.1% and 1.2% respectively on a monthly basis.
However, the UK Goods Trade Balance recorded a deficit of GBP 14.212 billion in February, slightly better than the expected GBP 14.50 billion but higher than the previous month's GBP 14.097 billion deficit.
The mixed economic data has put pressure on the Pound Sterling, contributing to its current downward trend against the US Dollar.
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