GDP revised down

28 July, 2011


This morning’s revision to Q4 2010 GDP showed a disappointing contraction in the economy of 0.6%. The Pound quickly lost half a cent against both the Euro and US Dollar when the figures were released.

We have seen some revoery this afternoon, but with the European Central Bank poised to potentially increase interest rates next week, we could see Euro strength and worse rates for buying Euros during the first week in March.