Forex – GBP/USD Holds Steady After Mixed UK Data

Pound little changed vs. greenback in pre-holiday thinned trade

Investing.com – The pound held steady against the U.S. dollar on Friday, after the release of mixed UK economic reports and as trading volumes were expected to remain thin ahead of the Christmas holiday.

was at 1.3379 by 04:30 a.m. ET (08:30 GMT).

In its final reading, the UK Office for National Statistics said gross domestic product expanded by in the third quarter, in line with first estimates.

Year-over-year, UK economic growth expanded in the third quarter, revised up from the prior reading of 1.5%.

On a less positive note, another report showed that the UK current account deficit narrowed to only in the last quarter from £25.8 billion in the three months to June, whose figure had been revised from a previously estimated deficit of £23.2 billion.

Analysts had expected the current account deficit to narrow to £21.2 billion in the third quarter.

Meanwhile, the greenback remained mildly supported after data on Thursday showed that the U.S. economy grew in the third quarter, which was a downward revision from the previous reading of 3.3%. It was still the fastest pace in more than two years.

The report came a day after the House of Representatives to the biggest U.S. tax overhaul in 30 years, marking President Donald Trump’s first political victory.

Sterling was higher against the euro, with down 0.11% at 0.8860.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Comments

comments