GDP y/y comes in at 1.4% against 1.2% consensus

The United Kingdom’s annual Gross Domestic Product, GDP y/y, was reported at 1.4%. This figure exceeded the consensus expectation of 1.2%. The previous period’s reading was also 1.2%. The actual print represented a 16.7% surprise relative to the market consensus.

Following the release, the British Pound showed varied movement against major currencies in the initial 15 minutes. GBPUSD gained 8.2 pips, while GBPJPY rose 13 pips. GBPAUD saw a gain of 5.0 pips, GBPCAD gained 2.2 pips, and GBPCHF was up 2.3 pips. EURGBP declined by 0.8 pips. GBPNZD notably fell 13 pips. These initial moves are generally smaller than the median 1-hour moves observed after past releases. For example, GBPUSD’s 8.2 pip gain is less than its median 1-hour move of 12 pips, and GBPAUD’s 5.0 pip gain is below its median of 16 pips. Similarly, GBPCAD’s 2.2 pips, GBPCHF’s 2.3 pips, and EURGBP’s 0.8 pips are all smaller than their respective median 1-hour moves of 12 pips, 10 pips, and 5 pips. GBPJPY’s 13 pip gain is also below its median of 16 pips, and GBPNZD’s 13 pip decline is less than its median of 19 pips.