Economics
Pound Falls as Traders Look Beyond Second-Quarter Growth Data
- GDP increases 0.6% in 2Q, beating analysts’ 0.5% forecast
- Futures signal 100% chance of BOE rate cut next week
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The pound fell as traders looked beyond stronger-than-forecast U.K. growth data and turned their attention to Wednesday’s Federal Reserve decision and next week’s Bank of England meeting for signs of diverging monetary policies.
Sterling fell versus most of its 16 major peers after the data, which mainly cover the period before Britain voted to leave the European Union.