The Pound is holding onto its positions. Overview for 09.04.2020

On Thursday, GBPUSD intends to grow; the statistics don’t scare pound enthusiasts.

The British Pound is barely moving against the USD on Thursday morning. The current quote for the instrument is 1.2378.

In the morning, the United Kingdom published a lot of numbers. The first one, the country’s GDP, lost 0.1% m/m in February after adding the same in the previous month. Market expectations implied +0.1% m/m. 

The Construction Output showed -1.7% m/m after being -0.2% m/m over the same period of time and against the expected reading of +0.3% m/m. The Industrial Production added 0.1% m/m, the same as expected, mostly due to the Manufacturing Production, which expanded by 0.5% m/m in February after showing +0.4% m/m the month before and against the expected reading of +0.2% m/m.

So, in February, the British manufacturing sector did fight negative news from outside the country and the coronavirus pandemic, which, by the way, wasn’t declared yet. Another negative factor, the Brexit, wasn’t a problem as the country’s economy already got used to it.  

By the way, history shows that the Brexit is not the most critical and dramatic thing that might have happened to the British economy and financial system. This is probably a reason why the Pound is looking rather neutral.