The GBP/USD pair is trading upwards after the statistics on the UK GDP was published.
The British Pound is growing on Thursday. The current quote for the instrument is 1.4390; it moved quite far from 1.4047, the “March bottom”.
Today’s data indicated that the British economy over the fourth quarter grew more than expected. The GDP in October-December 2015 increased by 2.1% y/y against the predicted number of 1.9% y/y. From one quarter to the next, improvements also can be seen: it increased by 0.6% against the predicted number of 0.5%.
However, external imbalance in the fourth quarter didn’t inspire: the indicator fell quite a lot.
Components of the report on crediting in the United Kingdom in February were quite unequal. Consumer crediting volume decreased; the number of approved applications for mortgage loans increased a bit. A proper catalyst can’t be created from such different statistics.
The British economy didn’t seek support from partners or consumers – the system works in such a way, so that it could function correctly until the healthy consumer interest forces other “sprockets” to roll. It’s not fast, it’s nervous and labor-consuming, but, as practice shows in case of the UK, it works almost perfectly.
RoboForex Analytical Department
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