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. 


Source  
Gold & Silver Continue to Fly7 Aug, 2020  

Gold is making only new highs. It seems that gold prices remain in a bullish momentum. The focus remains on the shape and size of the next...

How to trade EUR after the ECB rate statement?2 Jun, 2020  

The European Central Bank will publish the main refinancing rate and make a statement on Thursday, June 4, at 14:45 MT time. Also, the ECB press conference will...

Oil demand is recovering26 May, 2020  

The WTI price approaches the retracement level at 35. The head of the International Energy Agency forecasted that the oil market will recover...


Saudi Aramco: temporary balance12 May, 2020  

Since its IPO in December 2019, Saudi Aramco's stock price has been consistently declining. Before the New Year, it traded at $35. But in the second week...

Gold goes down on trade agreement3 May, 2019  

On the Comex exchange, June delivery gold futures headed south by about 0.7% concluding the trading session at $1,275.15 an ounce...

Dollar rallies on Powell's remarks27 Feb, 2019  

On Wednesday, the evergreen buck ascended in Asia after Fed Chair Jerome Powell came up with a positive assessment of the American economy...


The yellow metal stands still8 Feb, 2019  

The postponed US-China summit as well as weaker estimates for the EU are playing into a decelerating global surge narrative, which could...

Dollar surges versus counterparts6 Feb, 2019  

The evergreen buck was held back from dismal American services data, notwithstanding experts reaffirming the services sector was still firm...

Gold surges a bit15 Jan, 2019  

On Tuesday, gold managed to gain a bit due to the fact that the first dive in factory gate inflation for four months backed the argument that the major US bank...