Sterling rallies on second quarter UK GDP data
Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL SERVICES AUTHORITY
Sterling instantly began its rally at 9:30am this morning on the release of the second quarter GDP data. The figure was expected at 0.6% but came in nearly twice as high at 1.1%. Sterling has not looked back since.
The pound is now trading at new highs for the week against the US dollar and the Euro. The UK economy seems to be picking up at a greater pace than its counterparts.
The result today reflects the fastest expansion for 4 years for the UK economy lead by manufacturing, services and construction.
Markets are awaiting the results of the European stress tests expected to be released at 5pm UK time. The EU regulators are examining the strength of banks to determine if they can survive potential losses on sovereign bond holdings. They are hoping the results will reassure investors about the health of the financial institutions. The Euro has been under pressure throughout the day against sterling and the US dollar. This afternoon the pound is back above 1.20 against the Euro.
Friday 23 July 2010, 04:10pm
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