GBP/USD jumps above 1.3400 after UK final GDP revised up to 16% QoQ in Q3
|- UK GDP rebounded 16.0% QoQ in Q3 vs. 15.5% expected.
- UK Current Account deficit stood at GBP15.6 B in Q3.
- GBP/USD bounces-back above 1.3400 on the mixed UK data.
The final reading of the third quarter 2020 UK GDP came in at 16.0% QoQ vs. 15.5% expected and 15.5% last while on an annualized basis the figure stood at -8.6% vs. -9.6% expected and -9.6% seen previously.
The Current Account numbers for Q3 came in at GBP-15.6 B versus GBP-11 B expected and GBP -2.8 B prior.
Meanwhile, the Total Business Investment arrived at 9.4% QoQ in Q3 vs. 8.8% previous and 8.8% expectations.
The Cable picks up fresh bids and jumps to 1.3414, in reaction to the upbeat UK GDP numbers. The spot was last seen trading at 1.3407, still down 0.45% on the day.
About UK GDP
The Gross Domestic Product released by the National Statistics is a measure of the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
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