26 Sep 2013
Flash: GBP weighed by soft GDP, waiting for PMI's next week - UBS
FXstreet.com (Córdoba) - The UK final GDP for Q2 has been revised down on Thursday, weighing on the GBP/USD, which fell all the way back to 1.6000. The UBS analyst team commented on the data and the underlying implications.
Key Quotes
“The q/q figure is unchanged at 0.7%, while the y/y figure was revised down to 1.3%, initially reported at 1.5%”.
“The downward revision came mainly on the back of downward revisions in Q3 and Q4 2012, while Q1 2013 was revised up. On top of that the Q1 current account deficit was revised up to the largest value since the series began”.
“After this backward looking data, next week's PMIs will be important to judge the current economic development”.
Key Quotes
“The q/q figure is unchanged at 0.7%, while the y/y figure was revised down to 1.3%, initially reported at 1.5%”.
“The downward revision came mainly on the back of downward revisions in Q3 and Q4 2012, while Q1 2013 was revised up. On top of that the Q1 current account deficit was revised up to the largest value since the series began”.
“After this backward looking data, next week's PMIs will be important to judge the current economic development”.