GBP/USD goes down, while keeping to 6-week high

GBP/USD goes down, while keeping to 6-week high

On Friday, the British pound went down versus the American dollar, though it was still keeping to a six-week peak after British economic surge data turned to be in line with expectations and also amid hopes for tighter monetary policy in Great Britain.

The currency pair GBP/USD reached 1.2985 in Europe.

According to the UK Office for National Statistics, GDP gained 0.2% during the first quarter, which is in line with hopes and a previous estimate. The British economy ascended 2% year-on-year.

A separate report states that the British current account deficit extended to £16.9 billion during the first quarter from £12.1 billion for the last three months.

Financial experts had hoped the current account deficit would extend to £17.3 billion in the previous quarter.

The British pound managed to strengthen after on Wednesday Bank of England Governor Mark Carney told that some removal of monetary stimulus will become required because spare capacity in the economy decreases.


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