The UK confirmed the 0.3% growth rate in Q1 2013, as expected.It was a positive surprise at the time. However, the initial read for business investment in Q1 2013 disappointed by dropping by 0.4%, significantly worse than a rise of 1.7% that was expected.
GBP/USD managed to escape the 1.50 level and bounce from 1.5015 towards 1.5050 before the publication. Cable is now sliding from the highs of 1.5072 and trading around 1.5062. Update: the pound is now on the rise again, enjoying a slide of the US dollar.
The pound has suffered from the recent dollar storm triggered by words from Ben Bernanke. Cable was also hit by a poor retail sales numbers. The fall was blamed on bad weather, but its still hit the pound after a series of positive figures, including the initial GDP read and the relatively upbeat assessment of the BOE on the economy, in Mervyn King’s last inflation report.
For more, see the GBP to USD forecast.
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