# Sterling falls after data shows UK economy shrank in October - Markets - Business Recorder

> Sterling fell to $1.2531 on December 13 after the Office for National Statistics reported that UK GDP contracted 0.3% in October, weaker than forecasts of no change. The data raised the likelihood of earlier Bank of England rate cuts.

- Date: 2023-12-13 · published 2023-12-13T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/32952-sterling-falls-after-data-shows-uk-economy-shrank-in-october-markets-business
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

A weaker pound and expected UK rate cuts are macro signals with little direct effect on feed grain or meal prices.

## Sources

- brecorder.com: https://www.brecorder.com/news/40278396

---
Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.