9/29/2017, 1:30 PM (Source: TeleTrader)
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Pound pares losses after drop on GDP data

The British pound recovered slightly following a drop earlier on Friday after the country's second-quarter gross domestic product data was revised lower and its housing report came short of analysts' expectations.

Meanwhile, Bank of England Governor Mark Carney said this morning that an increase in interest rates is likely on the horizon, but added that any increase in the cost of borrowing is likely to be limited and gradual.

Sterling fell 0.43% to $1.33842 at 1:26 pm CET after hitting a daily low at $1.33532 immediately after the release of the GDP report. The currency dropped 0.65% against the euro to sell for 1.133 and lost 0.53% versus the Swiss franc at the same time. It was 0.32% lower compared to the Japanese yen and down by 0.43% relative to the Canadian dollar.

Baha Breaking News (BBN) / IB