UK Q3 preliminary GDP +0.3% vs +0.4% q/q expected

Latest data released by ONS - 11 November 2019

• Prior (Q2) -0.2%
• GDP +1.0% vs +1.1% y/y expected
• Prior (Q2) +1.3%

• Total business investment 0.0% vs -0.5% q/q expected
• Private consumption +0.4% vs +0.4% q/q expected

The headline reading is a little weaker than expected but all it does it reaffirm that the UK has managed to stave off a recession for the year - and that should offer minimal comfort for the pound amid Brexit/election uncertainty.

The details offer some bright spots with exports rebounding strongly while business investment for the quarter did not suffer a decline (although falling flat isn't exactly great).

All that said, that is basically what it is, we move back to focus on the election now. Cable remains rather unfazed at 1.2802 currently, little changed on the data.