GDP in the UK fell at an initial annual rate of-1.6% in the first quarter, the biggest decline since the fourth quarter of 2008.

SMM5 13: today the Office for National Statistics released a series of macro data, the first quarter of the United Kingdom GDP annual rate of-1.6% decline since the fourth quarter of 2008. Other data are as follows:

The sharp decline in economic data was mainly due to the blockade imposed by the United Kingdom in March. As the crisis escalated, the UK government ordered much of the country to shut down to stop the spread of the virus, causing economic activity to shrink by 5.8 per cent in March from February, an all-time high. In addition, GDP contracted by 2 per cent in the first three months of this year compared with the last three months of 2019, according to data released by the Office for National Statistics. But fortunately, Britain's GDP data were not as bad as expected, with the pound pulling up in the short term.

At the same time, the dollar index fell in the short term, and the recent market has more to do with whether the United States implements negative interest rates. But Federal Reserve Chairman Powell is likely to oppose negative interest rates, strengthen his willingness to continue using balance sheet tools, and rely on fiscal policy to improve the economy. Federal Reserve Chairman Colin Powell's speech on the economy this evening is likely to reveal more details.

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