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24 Dec 2014
UK recovery is slowing – Investec
FXStreet (Barcelona) - The Investec Team explains that yesterday’s downside revision to UK’s Q3 GDP indicates that the pace of recovery in the UK is slowing, and highlight the key events in the FX space.
Key Quotes
“Official figures released yesterday showed the UK economy grew by less than previously thought in the last year. Revised figures showed GDP in the third quarter of this year was 2.6% higher than in the same period in 2013, down from an earlier estimate of 3%. This release acts as a reminder that the pace of the recovery in the UK is slowing. The pound took a bit of a hit on the news with GBPUSD touching new lows once again.”
“It seems like a story we are reading every day at the moment but equities again reached new heights in the US. The Dow Jones has closed above 18,000 for the first time after figures showed the US economy grew at its fastest rate in 11 years in the third quarter.”
“Note that S&P put Russia’s current BBB- rating on negative watch last night. A downgrade would take it into junk territory.”
Key Quotes
“Official figures released yesterday showed the UK economy grew by less than previously thought in the last year. Revised figures showed GDP in the third quarter of this year was 2.6% higher than in the same period in 2013, down from an earlier estimate of 3%. This release acts as a reminder that the pace of the recovery in the UK is slowing. The pound took a bit of a hit on the news with GBPUSD touching new lows once again.”
“It seems like a story we are reading every day at the moment but equities again reached new heights in the US. The Dow Jones has closed above 18,000 for the first time after figures showed the US economy grew at its fastest rate in 11 years in the third quarter.”
“Note that S&P put Russia’s current BBB- rating on negative watch last night. A downgrade would take it into junk territory.”