23 Dec 2014
EUR/GBP jumps to daily highs after UK data
FXStreet (Córdoba) - EUR/GBP jumped to fresh daily highs as the pound weakened following the latest string of disappointing data.
UK gross domestic product rose 0.7% in Q3 and 2.6% YoY versus consensus of 0.7% and 3.0% respectively. Business investment dropped 1.4% QoQ but rose 5.2% YoY, still missing expectations of -0.7% and 6.3% in Q2. Separated data showed UK current account deficit widened to £27B from £23.1B and versus a deficit of £17B expected.
Finally, BBA data showed a further slowing in the housing market. Mortgage approvals 36.8K in November compared to 42.8K in October.
The Sterling weakened across the board, with EUR/GBP striking a 5-day high of 0.7866 in recent dealings. At time of writing, the pair is trading at 0.7857, recording a 0.18% gain on the day.
UK gross domestic product rose 0.7% in Q3 and 2.6% YoY versus consensus of 0.7% and 3.0% respectively. Business investment dropped 1.4% QoQ but rose 5.2% YoY, still missing expectations of -0.7% and 6.3% in Q2. Separated data showed UK current account deficit widened to £27B from £23.1B and versus a deficit of £17B expected.
Finally, BBA data showed a further slowing in the housing market. Mortgage approvals 36.8K in November compared to 42.8K in October.
The Sterling weakened across the board, with EUR/GBP striking a 5-day high of 0.7866 in recent dealings. At time of writing, the pair is trading at 0.7857, recording a 0.18% gain on the day.