UK GDP Growth Gets No Revision, Pound Drops

The Great Britain pound dropped against the US dollar and almost erased its gains against the Japanese yen today even though economic data from the United Kingdom was good for the most part.
The major reason for the currency drop was the second estimate of UK gross domestic product that was unchanged compared to the first one, leaving growth at the 0.3 percent level. Most market analysts have hoped for at least a small update to 0.4 percent. The data overshadowed other economic indicators, like business investment and mortgage approvals, that were better than economists’ predictions.
GBP/USD declined from 1.5351 to 1.5271 as of 12:51 GMT today. GBP/JPY retreated to 189.73 after rallying from 189.82 to 190.70 earlier.

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