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Commenting on the market reaction to the UK economy surpassing its pre-pandemic size, Jesús Cabra Guisasola, Senior Associate at Validus Risk Management, said: “The UK economy continues its recovery and surpassed its pre-pandemic size with a growth of 0.9% during November 2021.
“This increase is higher compared to the growth during October 2021 (0.2%), mainly driven by the construction and manufacturing sectors. Nevertheless, we could expect GDP to slow down in December and January when the Omicron variant impacted the economy harder.
“GBP has been performing well during the last few weeks, testing 1.20 and 1.38 levels against the EUR and USD. However, there could be some downside risks for sterling if Andrew Bailey does not meet market’s expectations and the BoE does not deliver the hikes that most economists are pricing in for 2022.”
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