| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | Germany | CPI, m/m | December | -0.2% | 0.4% | 0.5% |
| 07:00 | United Kingdom | Manufacturing Production (MoM) | November | -0.6% | 0% | -0.3% |
| 07:00 | Germany | CPI, y/y | December | 2.2% | 2.6% | 2.6% |
| 07:00 | United Kingdom | Industrial Production (MoM) | November | -0.6% | 0.1% | -0.4% |
| 07:00 | United Kingdom | GDP m/m | November | -0.1% | 0.2% | 0.1% |
| 07:00 | United Kingdom | GDP, y/y | November | 1.1% | 1.3% | 1% |
| 10:00 | Eurozone | Trade balance unadjusted | November | 8.6 | 8.5 | 16.4 |
GBP depreciated against other major currencies in the European session on Thursday as investors reacted to the data, which showed that Britain’s economy expanded less than expected in November 2024.
The Office for National Statistics (ONS) reported that the UK’s gross domestic product (GDP) grew by 0.1% MoM in November. The reading marked the first increase after two months of contraction but was below economists’ forecast of a 0.2% MoM advance. In the three months to November, the British economy showed no growth.
Today's underwhelming numbers have intensified fears that the UK could face a prolonged period of stagnant growth, prompting markets to increase bets on an interest rate cut by the Bank of England next month. They now see an 83% probability that the BoE will reduce its Bant Rate at the February 6 meeting.