The British pound weakened against most major currencies in the European session on Friday, after U.K. economy logged an unexpected contraction at the start of the year on a sharp fall in production.
Data from the Office for National Statistics showed that the U.K. Gross domestic product shrank 0.1 percent on a monthly basis in January, following a growth of 0.4 percent in December. GDP was expected to grow 0.1 percent.
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Forex News
May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.