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Forex News: Pound Falls As U.K. GDP Growth Revised Down

Pound Falls As U.K. GDP Growth Revised Down

05/25/2017 - 06:43:00 (RTTNews)

(RTTNews) - The British pound weakened against the other major currencies in the European session on Thursday, after data showed that the U.K. economy expanded less than previously estimated in the first quarter.

Data from the Office for National Statistics showed that the U.K. gross domestic product grew 0.2 percent sequentially in the first quarter instead of 0.3 percent estimated on April 28. A similar slower growth was last seen in the first quarter of 2016.

Quarter-on-quarter growth slowed from 0.7 percent registered in the fourth quarter of 2016.

Likewise, growth in services output was revised down to 0.2 percent from 0.3 percent.

Also, data from the British Bankers' Association showed that the U.K. mortgage approvals declined slightly in April. The number of mortgages approved for house purchases fell to 40,750 in April from 40,872 in March.

In the Asian trading today, the pound held steady against its major rivals.

In the European trading, the pound fell to 2-day lows of 0.8666 against the euro and 1.2592 against the Swiss franc, from early highs of 0.8636 and 1.2633, respectively. If the pound extends its downtrend, it is likely to find support around 0.88 against the euro and 1.24 against the franc.

Against the U.S. dollar, the pound dropped to 1.2950 from an early 2-day high of 1.3014. The pound may test support near the 1.27 region.

The pound edged down to 144.89 against the yen, from an early 8-day high of 145.43. This may be compared to an early 2-day low of 144.49. On the downside, 141.00 is seen as the next support level for the pound.

Looking ahead, U.S. advance goods trade balance for April, wholesale inventories data for April and U.S. weekly jobless claims for the week ended May 20 are slated for release in the New York session.

At 10:00 am ET, Federal Reserve Governor Lael Brainard is expected to participate in a panel discussion titled "A Conversation with former Treasury Under Secretaries for International Affairs," in Washington DC.

At 12:00 pm ET, Bank of Canada Deputy Governor Sylvain Leduc is expected to speak at The Payments Canada Summit, in Toronto.

At 1:00 pm ET, European Central Bank Vice President Vitor Constancio will give a lecture at Instituto Superior de Economia e Gestao (ISEG) Master in Monetary and Financial Economics in Lisbon, Portugal.

For comments and feedback: contact editorial@rttnews.com

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