Currency Buzz: GBP/USD Holds Near Two- Week High; UK GDP Up 0.2% In July

12 Sep 2022 , 01:34 PM

The Great Britain pound advanced above 1.1600 against the dollar on Monday, tracking sharp weakness in the US dollar index that slipped off its recent peaks. The US dollar index, that measures the greenback against a basket of currencies fell below two decade highs and was quoting lower by nearly 1% at 107.70 ahead of the crucial US inflation data. Meanwhile, UK economy expanded in July underpinned by the rebound in the service sector, data from the Office for National Statistics showed Monday. Gross domestic product grew 0.2 percent in July, in contrast to a fall of 0.6 percent in June. GDP was forecast to expand 0.3 percent. Monthly GDP is estimated to be 1.1 percent above its pre-coronavirus levels. GDP was flat in the three months to July compared with the previous three months. GBP/USD pair is currently higher by 0.85% at 1.686 against the dollar, a near two week high. Powered by Commodity Insights