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On Friday, the British pound sagged versus the greenback following the publication of dismal UK economic growth data. Meanwhile, hopes for an upcoming American tax overhaul kept lending support to the US currency.
The currency pair GBP/USD slumped 0.43% being worth 1.3383, re-approaching Thursday's two-week minimums of 1.3344.
As the UK Office for National Statistics informed on Friday, the British GDP expanded 1.5% during the second quarter, year-over-year, descending from the prior estimate of 1.7%.
On a quarterly basis, the British economy went up 0.3% by June, which is in line with financial experts' expectations.
According to a separate report, the country’s current account deficit extended to about £23.2 billion in the second quarter versus £22.3 billion of the first quarter this year, whose figure was updated from a previously estimated deficit of approximately £16.9 billion.
On Wednesday, the evergreen buck declined because the Japanese yen kept to a two-month minimum due to the fact that market participants had the latest trade reports digested…
On Tuesday, the evergreen buck added versus its counterparts because market participants weighed the latest worsening in the tit-for-tat tariff conflict between China and America, while a weaker common currency also raised market sentiment…
On Monday, the evergreen buck declined versus its counterparts on worries of an escalation in the US-China trade conflict, while a stronger UK currency and euro also put pressure on market sentiment…
Safe havens such as gold and Japanese yen declined as investors sentiment was boosted by eased geopolitical tensions…
On Tuesday, the euro tacked on because market participants waited for reports on inflation and growth in the euro zone, while the Japanese yen went down after Japan’s major bank told it would be more flexible in its huge stimulus program…
On Tuesday, the evergreen buck dived because the common currency bounced off and the UK pound managed to ascend to the day’s maximums reacting to reports that British Prime Minister Theresa May is going to take control of Brexit talks…
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