GBP/USD hits 2-week minimums once again on dismal UK data

GBP/USD hits 2-week minimums once again on dismal UK data

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.


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