Blog


UK economy grew 0.5% in the fourth quarter

The pound rose today as traders looked to fourth-quarter economic growth numbers due later to see if Britain’s economy is proving more resilient than expected, which could help sterling extend its recent rally.

Sterling gained 0.7 percent to trade at $1.4236, but below the $1.4346 mark it notched up on Thursday when a broad dollar sell-off intensified.

The pound has enjoyed a strong rally this year and some of the world’s biggest investors have bought into the notion that sterling can move higher on the back of hopes Britain will secure itself more favourable terms when leaving the European Union and a better-than-expected domestic economic performance.

The economic data, released at 0930 GMT, was expected to show Britain’s economy grew at 0.4 percent in the three months to the end of December. However, the figure showed the UK economy grew by a stronger than expected 0.5 percent in the fourth quarter.

The UK economy is proving more resilient than expected even as Brexit looms with data this week confirming record high employment, encouraging some traders to bet on the Bank of England speeding up tightening of monetary policy.

Leave a Reply

Your email address will not be published. Required fields are marked *

5 − 1 =

What's Going On?

Currencies 4 You Ltd is a company registered in England and Wales (registered no. 06866898). Registered office: Regus House Victory Way Admirals Park, Crossway, Dartford, Kent, DA2 6QD. Currencies 4 You Ltd’s Payment and Foreign Currency Exchange Services are provided by Ebury Partners UK Limited. Currencies 4 You Ltd is partnered with Ebury Partners UK Limited as its Programme Manager. Ebury Partners UK Limited are authorised and regulated by the Financial Conduct Authority as an Electronic Money Institution. (Reference Number 900797). | Terms and Conditions | Privacy Statement | Careers