UK GDP Falls 0.1% in April, Pound Edges Higher
The British Pound strengthened slightly after data showed UK GDP contracted 0.1% month-on-month in April, with GBP/USD recovering early losses.
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The UK monthly GDP for April came in at -0.1% compared to the previous month, slightly better than the expected decline. The pound attracted mild buying interest against major peers following the release.
GBP/USD clawed back most of its earlier losses and traded near recent highs. Markets had priced in a softer print, so the marginally less negative figure provided some relief for sterling.
Traders now focus on the Bank of England's policy outlook, with the data unlikely to shift near-term monetary expectations significantly.
Source: FXStreet Forex News