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UK GDP better than forecast- GBP/USD edges higher
The raft of UK economic data we noted earlier has now hit the screens. The highlight of all this is the May monthly GDP report and it was expected to show the economy flat-lining, following a 0.1% contraction in April.
UK Growth has actually risen by 0.1% in May. The trade balance has narrowed quite markedly and the index of services is above forecasts. The IP and Manufacturing data is not bad either.
Ahead of all this data the GBP/USD was edging a little lower, trading around 1.3528. The immediate reaction to the data has seen it push a little higher, but not by that much so far. The point here; none of that UK data was bad and actually pretty decent in terms of realisation compared to expectation. The GBP/USD is right now at 1.3532
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