GBP rose on Wednesday against a basket of world currencies, recovering a large part of yesterday’s loss against the USD, supported by positive data in London showing the growth of the British economy during the third quarter, the EUR rose marginally for the second day in a row against the USD , Strong in Germany The high levels of confidence in Germany’s business climate have shown their highest levels ever, and the German economy is Europe’s largest economy.
GBPUSD rose by 0.3 % at 08:44 GMT, trading at 1.3163 USD, the opening price of 1.3131 USD, and the highest at 1.3171 USD and the lowest at 1.3109 USD.
GBP ended yesterday’s trading 0.5% lower against the USD, as the greenback rallied against most of the world’s currencies, along with concerns about the vagueness of the commissioners over Britain’s secession from the European Union.
The British economy grow by 0.4% in the third quarter, better than economists’ forecast of 0.3% growth, and the UK economy grew by 0.3% in the second quarter.
This data reinforces the possibility of the Bank of England’s fastest rate hike in the next few months, especially as inflationary pressure on monetary policymakers rises, as inflation levels rise above the bank’s target of 2% for the eighth straight month.
EUR rose against the USD by more than 0.1% as of 08:55 GMT, trading at1.1770 USD, the opening price of the day at 1.1760 USD, the highest at 1.1774 USD and the lowest at 1.1752 USD.
EUR rose marginally against the USD, extending gains for the second day in a row, with strong data on the German economy, the euro zone’s biggest economy.
The Institute for Economic Research of Business Confidence in Germany recorded a level of 116.7 points in October, the highest level ever since the Institute released the data, exceeding the expectations of experts level of 115.2 points, and recorded the previous reading 115.2 points.