Sterling reaches day’s maximum after British GDP data

Sterling reaches day’s maximum after British GDP data

On Wednesday, the British pound grew to the day’s maximum after data unveiling that the British economy managed to pick up during the third quarter. It undoubtedly increased the chances of an interest rate lift by the Bank of England already next month.

The currency pair GBP/USD tacked on 0.31% being worth 1.3176.

As the Office for National Statistics informed, UK GDP ascended by 0.4% by September, gaining 0.3% in the previous quarter. Market experts had hoped it would keep to 0.3%.

On a year-over-year basis the British economy expanded 1.5%. It matched last quarter’s surge and above estimates for an expansion of about 1.4%.

Service sector output provided turned to be the cornerstone of the surge, expanding by approximately 0.4% on the quarter.

As for the manufacturing sector, it returned to growth too, with output ascending by 1.0%, although construction activity dived by 0.7% on the quarter.

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