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GBP Mixed After Economic Releases

May 22, 2014 at 15:58 by Vladimir Vyun

Great Britain pound symbolThe Great Britain pound fell against the US dollar today after the release of the GDP report and the data about the public sector finances. The currency rose against the Japanese yen and was attempting to rally against the euro but lost its gains by now.

Britain’s gross domestic product expanded 0.8 percent in the first quarter of 2014 according to the second estimate, unrevised from the first estimate. The reading was in line with expectations, and it did not look to be particularly positive for the sterling as investors now look for additional positive news, not just confirmation of the old ones. On top of that, not all news was good. The public sector net borrowing was at £11.5 billion in April, up £1.9 billion from a year ago.

Despite today’s mixed performance, the pound was relatively strong this week. It looks like the week might be not as bad for the currency as some analysts were expecting.

GBP/USD dipped from 1.6898 to 1.6857 as of 15:56 GMT today. GBP/JPY was up from 178.29 to 171.51, reaching the high of 171.84 intraday. EUR/GBP traded near the opening rate of 0.8097 following the drop to 0.8082, the lowest price since December 2012.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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