Pound Bombs After GDP Falls
The pound got back into it's old familiar groove early Friday.
There it was, flying along minding it's own business, smiling down on the dollar and euro with a little smug grin on it's face.
Hey, hey we're coming out of recession, we're coming out of recession it was singing to itself.
Q3 GDP was expected to rise 0.2%, officially marking an end to the recession.
But at 9.30 am, the Office for National Statistics (ONS) stunned the market by saying Q3 GDP actually fell 0.4%.
Woooosh.
Next thing the pound is re-acquainting itself with it's breakfast and reaching for the sick bag at 1.6420.
There it was, flying along minding it's own business, smiling down on the dollar and euro with a little smug grin on it's face.
Hey, hey we're coming out of recession, we're coming out of recession it was singing to itself.
Q3 GDP was expected to rise 0.2%, officially marking an end to the recession.
But at 9.30 am, the Office for National Statistics (ONS) stunned the market by saying Q3 GDP actually fell 0.4%.
Woooosh.
Next thing the pound is re-acquainting itself with it's breakfast and reaching for the sick bag at 1.6420.
