GBP: current account deficit increased
FXBAZOOKA.com - Final UK Q2 GDP was revised up from 0.8% to 0.9% q/q. Annualized GDP rose in line with forecast from 3.0% in Q1 to 3.2% in Q2.The upside revision was expected by market players as it contains the new EU revisions, so it was not strong enough to trigger a rally. Note that business investment came out weaker than expected.
Meanwhile, the current account figures disappointed the markets with deficit widening to 23.1B. What’s more, the Q1 reading was revised down from 18.5B to 20.5B.
GBP/USD fell to $1.6240, but found some support at these levels.