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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.
Reportedly, the ECB is analyzing the possibility of the change of the current inflation target of "below but close to 2%". It weakened the EUR
What is important today?
USD/SGD rises as the indicators disappoint the market.
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On Friday, the evergreen buck rallied versus its counterparts after data disclosed that the American economy generated more jobs than anticipated In October, thus backing the Fed’s case to proceed with gradual rate lifts…
On Tuesday, gold rallied because uncertainty over the latest developments in Britain’s departure from the EU backed safe haven demand and traders looked ahead for American inflation data to underpin the Fed’s pledge to remain on hold…
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