The Pound has soared against many of its most traded peers following this morning’s GDP data.
Against the US Dollar the Pound surged above the 1.63 level, its highest level since January. Against the Euro it touched the 1.20 mark its highest level in eleven-months and against the commodity based currencies of the Australian, Canadian and New Zealand Dollars the currency soared to four-year highs.
The Office for National Statistics said that its second estimate for U.K. third-quarter gross domestic product was unchanged at 0.8% on quarter-on-quarter basis, whilst the annual rate of growth was also unchanged at 1.5%. It was the fastest quarterly rate of growth in over three years.
The ONS said consumer spending rose by 0.8%, its fastest pace since the second quarter of 2010, while industrial output rose 0.6% on the quarter. Construction output was up 1.7%, less that the preliminary estimate.
The GDP data bolstered demand for UK assets on a global scale after the report confirmed that the UK economy is set to make a faster recovery than both the USA and the stalling Eurozone.
Current Pound Sterling (GBP) Exchange Rates:
The Pound Sterling/US Dollar Exchange Rate is currently in the region of: 1.6277
The Pound Sterling/Euro Exchange Rate is currently in the region of: 1.1986
The Pound Sterling/Australian Dollar Exchange Rate is currently in the region of: 1.7920
The Pound Sterling/New Zealand Dollar Exchange Rate is currently in the region of: 2.0002
The US Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.6143
The Euro/Pound Sterling Exchange Rate is currently in the region of: 0.8340
The Australian Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.5580
The New Zealand Dollar/Pound Sterling Exchange Rate is currently in the region of: 0.4997
(As of 16:15 pm GMT)
Comments are closed.