Pound Tumbles on Publication of Prelim GDP Figures
October 23rd, 2009 Posted in GBP - Pound Sterling, Market Movers
Name: Dan Eduard
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The Pound tumbled on the publication of the Prelim GDP figures. The publication measures the change in the inflation adjusted value of services and goods that are produced by the British economy. The figure was a surprisingly low -0.4%, far worse than the forecasted 0.2% increase by top economists. The immediate result of this was a dive in the GBP. The GBP/USD cross is currently trading a massive 220 pips lower due to the dismal GDP results. The EUR/GBP cross is trading higher by 140 pips in the last 2 hours alone, at the 0.9149 level. Stay tuned for more updates!!!
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Tags: British GDP, British Prelim GDP, EUR/GBP, Forex Forecast, forex update, GBPUSD, Pound forecast, Pound prediction, Pound Tumbles on Publication of Prelim GDP Figures
