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Forex - Pound Trims Gains against Dollar on UK GDP Data
Published Oct 10, 2018 05:26AM ET
© Reuters. Pound trims gains against dollar on UK GDP data
Investing.com - The pound trimmed back gains against the dollar on Wednesday after data showing that the UK economy was flat in August but grew by 0.7% on a quarterly basis.
GBP/USD was at 1.3146 by 05:21 AM ET (09:22 AM GMT), down from around 1.3162 earlier.
The Office of National Statistics said the economy grew 0.7% in the three months to August, picking up from the 0.6% expansion seen in the three months to July.
The report noted that wholesale and retail trade showed strong growth, in part due to warmer than usual weather in the summer months.
“The economy continued to rebound strongly after a weak spring, with retail, food and drink production and housebuilding all performing particularly well during the hot summer months. However, long-term growth continues to lag behind its historical trend,” ONS head of GDP Rob Kent-Smith said.
Month-on-month, GDP was flat, falling short of forecasts for an expansion of 0.1%, but growth in the previous month was revised up to 0.4% from a previously reported 0.1%.
The ONS has warned that the monthly data can be volatile and is subject to revisions.
Sterling remained a touch higher against the euro following the report, with EUR/GBP at 0.8732.
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