Daily Market View 12-02-2026
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UK Service Sector Lets the Side Down
GDP-
The Pound is struggling for traction again this morning as UK releases continue to disappoint, with Q4 growth data printing lower than expected this morning. UK GDP data scarcely affects the Pound in real terms, given that whether we grow by 0.1% or 0.2%, it doesn't change the overall picture that the UK is a near zero growth economy.
Interestingly however, it's the manufacturing sector that we can thank for keeping growth meaningfully positive, with the service sector continuing its recent poor form. Quite what's the cause of this is unknown, certainly the boon in manufacturing could be a result of greater domestic demand for UK goods instead of American following the tariff and Greenland spats.
Across the pond, the US continues to defy gravity as jobs added figures breached over 100k for the first time since April 2025. Unemployment also fell, down to 4.3%, giving the Dollar the upper hand across its pairs.
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