Pound shows a mixed trend against the greenback ahead of the preliminary reading of the first-quarter (Q1) 2021 UK GDP numbers, up for publishing at 06:00 GMT. Forecasts suggest that the UK GDP will rise to 1.4% MoM in March versus 0.4% previous readouts while the Index of Services (3M/3M) for the same period is seen recovered from -1.9% prior.
Manufacturing Production that makes up around 80% of total industrial production is expected to decrease from 1.3% MoM prior to 1.0% in March. Further, the total Industrial Production is expected to remain unchanged at 1.0% during the stated month. Looking at the yearly figures, the Industrial Production for March may have recovered from -3.5% to +2.3% while the Manufacturing Production is also anticipated to have risen by 3.7% in the reported month versus 4.2% contraction marked the last.
Elsewhere, Prime Minister Boris Johnson promised on Tuesday to “level up” Britain by tackling inequality and driving an economic recovery from the pandemic with a raft of laws presented to parliament by Queen Elizabeth.
Queen Elizabeth while addressing members of the upper chamber of parliament from the throne in the House of Lords said that “My government’s priority is to deliver a national recovery from the pandemic that makes the United Kingdom stronger, healthier and more prosperous that before.”
On the other hand, London and Brussels agreed to keep Northern Ireland within the EU’s trading sphere and avoiding a hard border on the island of Ireland but introducing trade barriers, including a customs border, between the province and the rest of the United Kingdom.
“Businesses have gone to extraordinary efforts to make the current requirements work, but it is hard to see that the way the Protocol is currently operating can be sustainable for long,” British negotiator and junior minister David Frost said in a statement.
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