Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

Forex - GBP/USD Holds Steady After Mixed UK Data

Published 12/22/2017, 04:43 AM
Updated 12/22/2017, 04:43 AM
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.

GBP/USD 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 0.4% in the third quarter, in line with first estimates.

Year-over-year, UK economic growth expanded 1.7% 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 £22.8 billion 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 3.2% 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 gave final approval 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 EUR/GBP down 0.11% at 0.8860.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.