GBP/USD Falls Even as GDP Revised Positively
The Great Britain pound attempted to rally against the US dollar today, but failed even though UK economic growth was revised upward in today’s report. The currency tried to keep gains versus the Japanese yen, but struggled to do this.
The Office for National Statistics released the second estimate of UK gross domestic product, which showed growth by 0.7 percent, up 0.1 percentage point from the previous estimate. The data added to signs of economic growth in Britain. The sterling was rising at the beginning of the trading session, but for some reason sharply dropped after the positive report.
GBP/USD slumped from 1.5585 to 1.5556 as of 11:57 GMT today after rising to 1.5636 earlier. GBP/JPY traded at 154.04, slightly above the opening level of 153.84, but below the daily high of 154.66.
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Earlier News About the Great Britain Pound:
- UK Pound Weakness Likely to Persist (2013-08-22)
- UK Pound Heads Higher on Improving Economic News (2013-08-21)
- CBI Raises Growth Forecast of UK, Benefiting Pound (2013-08-19)
- Sterling Flat, Heads to Weekly Gain (2013-08-16)
- No End to Good Reports from UK, Sterling Higher (2013-08-15)