The Pound stopped plummeting. Overview for 30.09.2021

GBPUSD has reached stability after a couple of days of huge sales.

The British Pound has reached its 9-month lows against the USD. The current quote for the instrument is 1.3465.

There is a new entertainment in the United Kingdom – queuing for petrol. Shortages in retail sales of petrol and diesel fuel are directly connected with interruptions in delivery chains. The country’s authorities are expecting the fuel crisis will be over by the end of this week but consumers aren’t so sure about it. 

The fuel crisis may slow down the economic recovery in the United Kingdom, which is already quite struggling. This puts additional pressure on the Pound. 

Another thing that doesn’t make the national currency happy is the USD rally. 

Today’s statistics showed that the final GDP for the second quarter of 2021 was 5.5% q/q against the expected reading of 4.8% q/q. On YoY, the indicator showed 23.6% against market expectations of 22.2%. The readings are pretty clear if onу remembers last year’s low base effect. 

In the third quarter, the British economic recovery may be less significant due to the declines in retail sales and consumer optimism, as well as interruptions in deliveries through the whole range of the chains.