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UK GDP beats forecasts- GBP/USD lifts modestly so far
That batch of UK data we noted was due this morning has now all hit the screens. The headline of that lot was the latest monthly and quarterly GDP prints. Well, GDP rose by 0.4% in July, which was a beat. The quarterly data was a beat too, at 0.4%
The other data on trade, industrial and manufacturing output plus construction output has also beaten forecasts for the most part, especially on manufacturing and industrial production, but construction did fall back. The trade balances, whilst still a huge deficit was narrower than forecast.
Ahead of all that lot the GBP/USD was not far removed from where it was when we reported a little earlier. The GBP/USD was trading around 1.3510. The immediate reaction to all this has seen it push a little higher. The Pound just lifted towards 1.3520. It is currently at 1.3513
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