UK GDP contracts 0.3% MoM in October vs. -0.1% expected

• UK GDP rate dropped 0.3% MoM in October vs. -0.1% expected.
• GBP/USD extends losses toward 1.2500 on downbeat UK GDP data.

The UK economy returned to contraction, shrinking 0.3% in October after reporting a 0.2% growth in September, the latest data published by the Office for National Statistics (ONS) showed on Wednesday. The market consensus was for a 0.1% contraction in the reported period.

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