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GBP/USD not sure what to do with UK data releases
The 6am GMT slew of UK economic data has just hit the screens. The highlight of these releases is the monthly reading on GDP, covering August. The markets were expecting growth of 0.2% in August after no growth at all in July. The economy actually grew as expected, by 0.2%. Industrial and Manufacturing production was above forecasts on the month, but revised lower on an annualised basis. The trade balances was actually very positive and the index of services was just 0.1% below forecasts. The initial reaction in the Pound has been modestly favourable, but in truth it looks like the Pound is not too sure what to do with all that data. None of it actually surprised much to the upside, when all said and done. Dull perhaps? Yes, it looks that way a bit for now. The GBP/USD is just now trading at 1.3048
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