GDP Improves Yet Pound Experiences a Mixed Day of Trading

There was a glimmer of hope for the Pound on Wednesday after some of its rivals weakened during the session following a mixed GDP report.

In August, the UK economy grew by 0.4% which was an improvement on the contraction seen in July. However, this growth was lower than expected, leaving experts claiming that the UK economy is going to slow down during Q4. This saw the currency finish the day at 1.1785 against the Euro and 1.3667 against the US Dollar according to the Foreign Exchange Market. 

The Euro saw very little movement as the Eurozone industrial production figures indicated that there had been a contract of 1.6% during August which matched predictions. However, any losses were limited thanks to the weakened US Dollar and a strong correlation between the two.

It was a different day for the US Dollar after a few successful days as an upbeat market mood meant that investors moved away from the Greenback, leaving it in a weaker position. There was no support in the form of the US CPI release either, even though it came in above expectations at 5.4%.

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