Economic Growth & Falling Unemployment Bring Pound Higher

The Great Britain pound remained strong against the US dollar and the euro after yesterday’s gains, but retreated versus the Japanese yen. The currency gained as another set of positive data was released in the United Kingdom.
UK gross domestic product expanded 0.6 percent in the first quarter after growing 0.3 percent in the preceding quarter. Unemployment fell by 29,200 in July, more than was predicted. The unemployment rate stayed at 7.8 percent.
The UK just provides one good economic report after another. And unlike during the previous week they actually help the sterling to gain on the resulting optimistic outlook for Britain’s economy.
GBP/USD rose from 1.5497 to 1.5515 as of 1:17 GMT today. EUR/GBP was at 0.8546 after falling from 0.8582 to 0.8550 yesterday. GBP/JPY retreated from 152.07 to 151.62 initially, but bounced to 152.04 later.

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