GBP experiencing downward pressure. Overview for 14.08.2023
The British pound sterling, paired with the US dollar, is holding its ground on Monday. The current GBPUSD exchange rate stands at 1.2694.
According to the latest data, the UK economy grew by 0.2% in Q2 2023 in comparison to Q1 figures. This marks the highest quarterly growth in over a year. The Bank of England had initially projected a 0.1% economic expansion.
Industrial production saw a 0.5% increase in June, exceeding the expected growth rate (0.2%). Both consumer spending and construction volumes also exhibited growth.
The unexpectedly robust statistics highlight the UK's resilience amid continuously rising borrowing costs. Consequently, the Bank of England is once again compelled to consider raising the interest rates.
The factors contributing to further credit cost escalation provide solid support for the GBP exchange rate.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboMarkets bears no responsibility for trading results based on trading opinions described in these analytical reviews.
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