U.K back into recession!!!
Just when it all looked a little too good to be true as always something came back to completely knock the Pound this morning. Sterling had been at a two and a half year high against a basket of major currencies until 09:30am this morning when we saw Gross Domestic Product figures come out at a much worse than expected -0.2%.
What does this mean?
This is not great news at all for the U.K economy, many economists thought we would see a slightly positive figure and it looked like this was priced into the market so we have seen the Pound drop away against all major currencies in early morning trading, great news for those selling a foreign currency and terrible news for those with the need to buy foreign currency.
The Pound has not taken as much of a hit as one would have expected even following this news so I don’t think it is all doom and gloom and many other economies globally are indeed in deeper waters than the U.K but it will hold back the Pound ever so
slightly in the near term.
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