The Pound was supported by the statistics. Overview for 31.03.2016
31.03.2016
The GBP/USD pair is trading upwards after the statistics on the UK GDP was published.
The British Pound is growing on Thursday. The current quote for the instrument is 1.4390; it moved quite far from 1.4047, the “March bottom”.
Today’s data indicated that the British economy over the fourth quarter grew more than expected. The GDP in October-December 2015 increased by 2.1% y/y against the predicted number of 1.9% y/y. From one quarter to the next, improvements also can be seen: it increased by 0.6% against the predicted number of 0.5%.
However, external imbalance in the fourth quarter didn’t inspire: the indicator fell quite a lot.
Components of the report on crediting in the United Kingdom in February were quite unequal. Consumer crediting volume decreased; the number of approved applications for mortgage loans increased a bit. A proper catalyst can’t be created from such different statistics.
The British economy didn’t seek support from partners or consumers – the system works in such a way, so that it could function correctly until the healthy consumer interest forces other “sprockets” to roll. It’s not fast, it’s nervous and labor-consuming, but, as practice shows in case of the UK, it works almost perfectly.
RoboForex Analytical Department
The British Pound is growing on Thursday. The current quote for the instrument is 1.4390; it moved quite far from 1.4047, the “March bottom”.
Today’s data indicated that the British economy over the fourth quarter grew more than expected. The GDP in October-December 2015 increased by 2.1% y/y against the predicted number of 1.9% y/y. From one quarter to the next, improvements also can be seen: it increased by 0.6% against the predicted number of 0.5%.
However, external imbalance in the fourth quarter didn’t inspire: the indicator fell quite a lot.
Components of the report on crediting in the United Kingdom in February were quite unequal. Consumer crediting volume decreased; the number of approved applications for mortgage loans increased a bit. A proper catalyst can’t be created from such different statistics.
The British economy didn’t seek support from partners or consumers – the system works in such a way, so that it could function correctly until the healthy consumer interest forces other “sprockets” to roll. It’s not fast, it’s nervous and labor-consuming, but, as practice shows in case of the UK, it works almost perfectly.
RoboForex Analytical Department
Attention!
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.