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UK GDP Report: What Could It Mean for Bitcoin and the Pound?
The UK's upcoming GDP report is expected to influence both the British pound and Bitcoin. Economists expect the UK economy to grow by 0.7% in the third quarter, up from 0.5% in the previous quarter. The report comes one week after the Bank of England raised interest rates by 0.25 percentage points to 4%. This marked its first rate increase since 2023. The decision was largely due to energy price spikes amid the ongoing Middle East conflict. The report will reinforce expectations that interest rates will remain higher for longer, supporting the British pound against the US dollar.