The British Pound fell significantly against the US Dollar on Friday morning, following the couple of the UK economic reports. The Sterling decreased against its American counterpart by 47 base points or 0.35% to the 1.3373 mark to fully deprive Thursday’s gains.
Official projections for Britain’s current account deficit showed that the gap between the entire UK income and spending widened significantly, which now is expected to reach 5.9% of GDP in the June quarter. Other figures revealed that that the UK economy expananded just 1.5% year-over-year in the Q2, the slowest growth pace since 2013. Weak service sector and growth figures sent the Pound down, appearing to cast doubts whether the BoE would raise key interest rates this year.
