The United Kingdom’s first estimate of third-quarter growth is due at 07:00 GMT, while FXStreet’s report of sterling near $1.33 puts the currency in focus ahead of a key output reading.
The Office for National Statistics scheduled its first estimate for July through September, alongside September’s monthly GDP figure, for 07:00 GMT Thursday, Nov. 12. EconoTimes previously outlined the UK and euro area GDP release schedule.
Economists polled by Reuters forecast 0.7% quarter-on-quarter growth, matching the Bank of England’s November projection. That would follow revised second-quarter growth of 0.5%. A separate indicator based on business surveys points to 0.2% third-quarter growth. The Bank treats that survey reading as a separate signal of momentum, rather than its main GDP projection. The figures are forecasts and indicators; the official third-quarter result had not yet been released.
FXStreet reported GBP/USD traded near $1.3450 when Tuesday began before sliding to just under $1.3300 by Wednesday after two sessions of declines. The outlet said the latest level was the pair’s lowest since the middle of October.
Reuters linked pressure on sterling to a firmer dollar after U.S. inflation data and Federal Reserve comments. The U.S. Bureau of Labor Statistics (BLS) reported that consumer prices rose 0.4% in October from September, while core prices increased 0.3%. Before the report, Federal Reserve Governor Christopher Waller said he leaned toward a 25-basis-point increase in December. He said officials should consider a 50-basis-point move if October core inflation was around 0.3% or higher.
The Bank of England raised Bank Rate by 0.25 percentage points to 4.00% in an eight-to-one vote at its meeting ending Nov. 4. It said growth could weaken in coming quarters as inflation, tighter financial conditions and fiscal consolidation weigh on activity. The Bank said September inflation was 3.5% and could reach around 5% by mid-2027, largely as higher energy prices raise household and business bills; evidence of wider effects on prices and wages remained limited. The Bank’s next rate decision is scheduled for Dec. 17, when it will assess pay, pricing behavior and economic slack.
