Positive Data Doesn’t Prevent Fall of Britain’s Pound

The Great Britain pound traded lower against other major currencies (with the exception of the US dollar) during today’s trading session despite solid macroeconomic data released from the United Kingdom on Friday.

The second estimate of Britain’s gross domestic product showed growth by 0.5% between the second quarter and the third quarter of 2016, unrevised from the first estimate and in line with expectations. The Index of Services was up 0.8% in the third quarter from the previous three months, also matching forecasts. Business investment increased 0.9% in the September quarter, and the actual reading was far better than the average forecast that had promised a 0.2% drop.

GBP/USD did not move far, opening at 1.2445 and trading at 1.2439 as of 12:40 GMT today. EUR/GBP rose from 0.8467 to 0.8515.

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