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British Pound Retraces Gains Against US Dollar After NIESR GDP Estimate

British Pound Retraces Gains Against US Dollar After NIESR GDP Estimate

2012-08-07 15:15:00
Christopher Vecchio, CFA, Senior Strategist
Share:

THE TAKEAWAY: GBP NIESR GDP Estimate (JUL) > -0.2% m/m, prior revised to -0.7% > GBPUSD BEARISH

The British economy is in the doldrums, and the most recent growth estimate provided by the National Institute for Economic and Social Research provided no evidence to suggest otherwise. GDP fell by -0.2% from the previous three-months, NIESR noted. This comes alongside the prior -0.7% print. When considered in the broader scope, with today’s Industrial Production and Manufacturing Production releases for June, there is only slight potential for a revision higher in the growth reading.

GBPUSD 1-minute Chart: August 7, 2012

British_Pound_Retraces_Gains_Against_US_Dollar_After_NIESR_GDP_Estimate_body_Picture_1.png, British Pound Retraces Gains Against US Dollar After NIESR GDP Estimate

Charts Created using Marketscope – Prepared by Christopher Vecchio

Following the release, while the GBPUSD rallied initially, from just short of 1.5660 to just short of 1.5670, the pair soon fell, depreciating to as low as 1.5638 in the hour following the release. However, at the time this report was written, the GBPUSD had retraced some of its losses, moving up to 1.5649.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

To be added to Christopher’s e-mail distribution list, send an e-mail with subject line "Distribution List" to cvecchio@dailyfx.com

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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