Pound Gains as Exports Support GDP Growth

The Great Britain pound strengthened today after the report showed that increasing exports helped to sustain the growth of the UK economy, increasing attractiveness of Britain’s currency to investors.
Britain’s gross domestic product grew by 0.5 percent in the first quarter of 2011, unrevised from the previously published estimate. Exports of goods and services rose by 3.7 percent, helping the growth. At the same time, imports fell by 2.3 percent, resulting in the decline of the trade deficit to £5.7 billion from £11.5 billion in the previous quarter.
GBP/USD rose to 1.6234 from 1.6179 as of 14:05 GMT today, following the decline to 1.6131. GBP/JPY advanced to 133.12 from 132.57.

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