The Pound Sterling (GBP) attracts bids against its major peers on Thursday on upbeat United Kingdom (UK) Gross Domestic Product (GDP) and factory data. The Office for National Statistics (ONS) reported that the economy grew by 0.3% in the second quarter of the year, stronger than expectations of 0.1%. In the first quarter of the year, GDP growth was 0.7%.
In June, the UK economy grew by 0.4% after contracting 0.1% in May, while it was expected to rise just by 0.1%.
Factory data has also come in stronger than projected. Month-on-month, Manufacturing and Industrial Production rose by 0.5% and 0.7% in June, respectively, after declining significantly in May.
Upbeat GDP and factory data show that the economy is holding up better than anticipated, a scenario that could allow the Bank of England (BoE) to avoid reducing interest rates aggressively and thus supportive for the Pound Sterling.
In the monetary policy meeting earlier this month, the BoE reduced interest rates by 25 basis points (bps) to 4.00% and retained its "gradual and careful" monetary expansion guidance. Still, it was a very tight decision as four of the nine BoE members voted to keep rates unchanged.
Source: FXstreet
GBP/USD gained even more ground on Wednesday, climbing nearly six-tenths of one percent as US Dollar (USD) flows continues to wither. The Pound Sterling (GBP) is enjoying a much-needed bullish shift i...
The British pound rose to $1.355, a three-week high, after UK labour data showed smaller-than-expected job losses in July, easing concerns about the economy. Payrolls fell just 8,000, well below forec...
GBP/USD remained stable after posting a 0.5% gain in the previous session, trading around 1.3500 during the Asian session on Wednesday (August 13). The pair strengthened further as the US dollar (USD)...
The Pound Sterling (GBP) attracts significant bids against its major peers on Tuesday after the release of the upbeat United Kingdom (UK) labor market data for the three-months ending June. The Offic...
The Pound Sterling (GBP) extends its winning streak for the fifth trading day against the US Dollar (USD) at the start of the week. The GBP/USD pair jumps to near 1.3480 due to the continued underperf...
Oil prices were stable on Thursday as investors weighed the potential impact of Friday's U.S.-Russia summit on Ukraine on Russian crude flows, after U.S. President Donald Trump warned of "severe consequences" for Russia if it does not agree to...
A 50-basis point interest rate cut next month could potentially send the wrong signal to markets about the state of the U.S. labor market, San Francisco Federal Reserve President Mary Daly told the Wall Street Journal. A soft July jobs report, as...
The Pound Sterling (GBP) attracts bids against its major peers on Thursday on upbeat United Kingdom (UK) Gross Domestic Product (GDP) and factory data. The Office for National Statistics (ONS) reported that the economy grew by 0.3% in the second...
On April 6, the Sunday after Donald Trump announced the "Liberation Day" tariffs, Treasury Secretary Scott Bessent joined the president on his...
US President Donald Trump, in his speech on Monday night (August 11th), expressed his determination to "liberate" Washington, D.C., from crime,...
European stocks closed sharply higher on Wednesday, their highest in two weeks as the outlook of lower interest rates in the United States and the...
Richmond Fed President Thomas Barkin believes that consumer spending behavior—now increasingly selective and inclined to "trade down"—can mitigate...