UK GDP meets expectations, pound still pound by the Turkish crisis

The UK reported a quarterly growth rate of 0.4% and a yearly one of 1.3%, exactly as expected. Other data points such as the trade balance and manufacturing output came out slightly above expectations. GBP/USD did not react too much to the data. This is the first time the UK also publishes monthly GDP alongside the quarterly one. The pound collapsed earlier in the day on the Turkish crisis, which triggered a risk-off sentiment in all markets. The pound has been hit earlier in the week by concerns about a no-deal Brexit.

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