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The Sterling was seen slightly stronger against the US Dollar, after the UK GDP growth report came in on Thursday. The GBP/USD currency pair added 17 base points or 0.13% to 1.3308 to continue fluctuating between the 1.3290 and 1.3315 marks.
The Office for National Statistics said that the second estimate for the Britain's GDP growth confirmed a 0.4% quarterly growth pace in the three months period to September. Consumer spending was the largest contributor to the increase, despite relatively solid inflation growth since the Pound's weakening after the Brexit vote. However, some questions arise that the country's reliance on consumer demand would not last with higher possibility of further weakening in household's spending.
| Historical Data Table: UK Second Estimate GDP q/q | Economic Calendar for 24.11.2017 | ||||||||
| Date | 25.10.2016 | 22.02.2017 | 25.05.2017 | 24.08.2017 | 23.11.2017 | 1:30 PM | Canadian Corporate Profits | ||
| Actual | 0.5% | 0.7% | 0.2% | 0.3% | 0.4% | 2:45 PM | US Flash Manufacturing PMI | ||
| Forecast | 0.5% | 0.6% | 0.3% | 0.3% | 0.4% | 2:45 PM | US Flash Services PMI | ||
| Initial Reaction on Main Pairs | SWFX Sentiment Indexes | ||||||||
| Open Price | Close Price | % Change | Longs | Shorts | |||||
| GBP/USD | 1.32912 | 1.33081 | 0.13% | GBP/USD | 49.32% | 50.68% | |||
| EUR/GBP | 0.89095 | 0.89025 | -0.08% | EUR/GBP | 51.31% | 48.69% | |||
| GBP/CAD | 1.68701 | 1.68891 | 0.11% | GBP/CAD | 45.65% | 54.35% | |||
| GBP/JPY | 147.896 | 148.063 | 0.11% | GBP/JPY | 48.56% | 51.44% | |||