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25 Apr 2013
Forex Flash: GBP crosses thrown for loop after upbeat GDP – Investec
FXstreet.com (Barcelona) - Today’s news headlines have been dominated by the Q1 GDP figures in the UK. Although the manufacturing and construction sectors have declined in the first quarter the key to any growth will be the extent to which the service sector has expanded.
Official data shows the sector expanded by 0.3% over the quarter, whiles February’s Services PMI showed a reading of 52.1 offering hope that the UK avoided recession albeit by a slim margin. According to the Investec Research Team, “The foreign exchange markets have lacked direction prior to the release and the fact the outcome of today’s announcement was such a close call only adds to the volatility that is apparent surrounding upbeat results.”
Official data shows the sector expanded by 0.3% over the quarter, whiles February’s Services PMI showed a reading of 52.1 offering hope that the UK avoided recession albeit by a slim margin. According to the Investec Research Team, “The foreign exchange markets have lacked direction prior to the release and the fact the outcome of today’s announcement was such a close call only adds to the volatility that is apparent surrounding upbeat results.”