First reading of UK Q3 GDP 27 Oct 2016
- +0.7% prev
- yy + 2.3% vs +2.1% exp vs +2.1% prev
- index of services Aug mm +0.2% vs +0.1% exp vs +0.4% prev
- 3mth +0.8% vs +0.8% exo vs +0.6% prev
Stronger than expected headline sees GBP buyers making the most of it but only services sector performing.
Say the ONS:
"In Quarter 3 2016, the services industries increased by 0.8%. In contrast, output decreased in the other 3 main industrial groups with construction decreasing by 1.4%, agriculture decreasing by 0.7% and production decreasing by 0.4%, within which manufacturing decreased by 1.0%".
Full ONS report here
There was demand going into the data so a little leak not out of the question.
Strong offers gone at 1.2250. Next tranches between 1.2280-1.230
Currently 1.2267 after 1.2272 highs. Bids now should come in around 1.2250 then more into 1.2225-30 and 1.2200.
EURGBP down testing 0.8900 . Next support/demand into 0.8880-85
