Intra-Day Market Moving News and Views
27 Apr 201 09:00GMT
GBP/USD - ...... Despite cable's fall from 1.4622 to 1.4547 in European morning, price pared intra- day loss on short-covering after release of in-line U.K. GDP.
Britain's economy slowed in the first three months of the year and again leaned on the services sector for growth, according to official data on Wednesday.
The Office for National Statistics(ONS) reported that the first-quarter gross domestic product grew by 0.4 percent, down from 0.6 percent in the three months to December 2015 and in line with economists' forecasts of a 0.4 percent expansion, and it had no evidence for or against the slowdown being linked to uncertainty around Britain's June 23 referendum on European Union membership, but business surveys suggest it is taking a toll on activity and investment.
The preliminary reading of gross domestic product does not include measures like investment and trade that would more readily reflect Brexit-related uncertainty, or a slowing global economy.
Output in the three months to March was 2.1 percent higher than a year earlier, matching the fourth quarter's growth rate that was also the weakest since the third quarter of 2013 but it was still slightly stronger than expected by economists.
The Bank of England has said that interpreting economic data in the run-up to the referendum is likely to be tricky but it has pointed to signs that uncertainty around the Brexit vote is weighing on business investment.
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