The Pound US Dollar (GBP/USD) exchange rate has been rangebound since markets opening this morning following preliminary GDP figures from the UK.
At the time of writing the GBP/USD pairing remain around the $1.3862 level as the US Dollar finds support in the passing of Joe Biden’s $1tn infrastructure bill.
Pound (GBP) Steady on Preliminary UK GDP Figures
The Pound (GBP) has been steady against the US Dollar (USD) this morning as preliminary GDP figures from the UK for Q2 has shown the economy expanded by 4.8%, as forecast.
The reopening of the UK services sector looks to have led the economic recovery as businesses recover from the coronavirus pandemic.
Chancellor of the Exchequer, Rishi Sunak commented on the UK’s economic growth, saying:
‘Today’s figures show that our economy is on the mend showing strong signs of recovery, thanks to our Plan for Jobs and successful vaccine programme. I know there are still challenges to overcome, but I feel confident in the strength of the UK economy and the resilience of the British people. With the fastest quarterly growth rate among the…
