UK GDP Lifts The British Pound!

August 23, 2013

The European session was relatively quiet as would be expected on a Friday. Sterling however took the spotlight today, experience some volatility on the release of some upbeat U.K. growth data.

The U.K. GDP for the second quarter as marked up to 0.7 percent, which was higher than the preliminary estimate of 0.6 percent.

GBPUSD jumped to a session high of $1.5636 on the data while EURGBP dipped to 0.8540.

However, the sterling rally was not sustained and it reversed direction by the end of the session. GBPUSD fell down to $1.5546 and EURGBP rose to 0.8588.

Euro is flat against the dollar, remaining within a range after a relatively quiet Asian and European session. The release of final second quarter German GDP was generally in line with estimates. 

EURUSD traded between $1.3340 and $1.3370, entering the U.S. session while in the higher end of the range.

Yen is broadly weaker today  and news flows was limited today. But the upcoming Jackson Hole meeting where BOJ governor Kuroda will speak, will be in focus. Any comments on more QE will hurt yen.

USDJPY was the focal point in Asia, climbing 45 pips to break just above the key 99.00 yen level. In Europe the pair hit as high as 99.14 yen, the highest in three weeks.

EURJPY opened in Europe at 131.98 and rose to a high of 132.42 yen.

In the upcoming U.S. session we have U.S. new home sales data.

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