Sterling falls notwithstanding UK GDP

27 October, 2016

On Thursday, the British pound sagged against the greenback, notwithstanding data on third quarter growth showing that Britain’s economy shrugged off the immediate shock of the Brexit referendum.

The currency pair GBP/USD initially hit peaks of 1.2271 before getting back to trade at 1.2222.

British GDP surged by 0.5% for the last three months to September. These are preliminary figures published by the Office for National Statistics. The British economy soared by 2.3% on a year-over-year basis.

The previous month the Bank of England had warned that the data would most like demonstrate growth of about 0.2% in the third quarter.

The major bank is to meet next week in order to find out whether to drop interest rates further to back the national economy or not.

However, on Tuesday, BoE Governor Mark Carney told that the bank is concerned that the steep dip in the sterling could spur inflation. 


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