UK GDP Rises by 0.7% (Matthew Vassallo)

GBP EUR Slumps with Lower GDP Print

GBP/EUR rates have remained fairly flat during Friday morning’s trading, with small gains for the Pound following the release of the latest UK Gross Domestic Product (GDP) figures.

The reading of 0.7% growth came out as expected but showed a drop from the 0.9% growth recorded during the previous quarter. The UK recovery has stuttered somewhat over the past month, as highlighted by poor UK Retail Sales figures released yesterday. This added to already growing concerns over the negative knock on effect, being created by the economic slowdown inside the Eurozone.

Personally I feel it will be difficult for GBP to regain the momentum witnessed recently and I anticipate GBP/EUR to head back towards 1.25 before long.

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