GBP rises versus USD after positive UK Index of Services

Tuesday, 26 July 2011 12:48

British GDP and Index of Services came out earlier today affecting the Pound to pick up pace against the Dollar by more than 60 pips.  Gross Domestic Product in Great Britain rose by 0.2% in the second quarter of 2011, as expected.  Previous GDP growth was up by 0.5%.

Index of Services was a positive deal for the U.K.  The seasonally adjusted index showed an increase of 1.4% in May 2011 compared to May 2010.  GVA rose by 1.2% in May 2011, rather than 0.9% as economists forecasted.  May's Index of Services was expected to be released at the same level as April's release, at 0.9%.

Pound reacted with a raise against the Dollar, reaching highs of 1.6412.  Sterling's session trading today touched as low as 1.6264.  Prior to the British news the pair was trading in the zone of 1.6340, boosting up above the 1.64 zone after the release. 

GBP/USD settled down after reaching 1.6412 to trade along the lines of 1.6380.

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