The pound remained under pressure against the euro and the US dollar despite an unexpected improvement in the GDP data, which was released by the Office for National Statistics in the UK some time ago. According to the ONS, preliminary second quarter GDP data improved to 2.2% year on year, while on a quarter to quarter basis the result was 0.6%. A recent survey showed that economists had expected 2.0% and 0.4% of GDP respectively. Analysts warn that the numbers are “retrograde” and as such, will have little relevance to the pound.
As reported at 10:51 am (BST) in London, the GBP / USD was trading lower at $ 1.3099, down 0.29%; the pair is trading just off the session low of $ 1,309, while the previous peak hit $ 1,316. The EUR / GBP was trading at 0.8397 Pence, a gain of 0.40%.
Libra fluctuate future
Investors remained concerned that the vote Brexit have had a negative impact on the UK economy. Today’s figures reflect only the result of a single week in the period after June 23, when the query was conducted. However, currency strategist said he will give the markets a baseline as to how the economy was going in the Brexit stage. Since the referendum, the pound had lost nearly 12% against the dollar. Analysts said today’s figures are not likely to help market measure the Bank of England’s next move, however.