The UK Office for National Statistics has just released the full set of macroeconomic data for August. Among the key figures, GDP growth in August reached 2.1% year over year, significantly exceeding the market expectation of 1.7%; GDP grew 0.7% quarter over quarter in the three months to August, well above the expected 0.5%. Meanwhile, manufacturing output surged 1.2% month over month in August (against an expected -0.1%), while industrial output rose 0.8% month over month, collectively demonstrating strong economic resilience.
A comparison of the technical indicators and macroeconomic data shows that several key indicators broadly exceeded expectations, dispelling the market’s previous technical pessimism about the possibility of the European economy stagnating. Although construction output fell 1.8% year over year, appearing somewhat weak, the strong rebound in industry and manufacturing has provided a solid fundamental foundation for the economy as a whole.
Following the data release, the pound stabilized against major currencies, and buying momentum in the foreign exchange market strengthened. For global capital markets, continued positive growth in major economies has effectively eased stagflation concerns, bolstered overall risk appetite for risk assets, and provided liquidity and sentiment support for equities and various commodities.
For the crypto market, stronger-than-expected fundamentals have further reinforced the transmission of risk-on sentiment. As recession risks are technically disproven by the data, $BTC and major crypto assets may build rebound momentum above key support levels, and liquidity and bullish buying in the coming period are worth looking forward to.
#UKMacro #EconomicGrowth #RiskOn
A comparison of the technical indicators and macroeconomic data shows that several key indicators broadly exceeded expectations, dispelling the market’s previous technical pessimism about the possibility of the European economy stagnating. Although construction output fell 1.8% year over year, appearing somewhat weak, the strong rebound in industry and manufacturing has provided a solid fundamental foundation for the economy as a whole.
Following the data release, the pound stabilized against major currencies, and buying momentum in the foreign exchange market strengthened. For global capital markets, continued positive growth in major economies has effectively eased stagflation concerns, bolstered overall risk appetite for risk assets, and provided liquidity and sentiment support for equities and various commodities.
For the crypto market, stronger-than-expected fundamentals have further reinforced the transmission of risk-on sentiment. As recession risks are technically disproven by the data, $BTC and major crypto assets may build rebound momentum above key support levels, and liquidity and bullish buying in the coming period are worth looking forward to.
#UKMacro #EconomicGrowth #RiskOn