Forex – GBP/USD Holds Steady After Mixed UK Data

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

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