FXstreet.com (Barcelona) - UK 2Q GDP has been upwardly revised, while consumer lending rose above expectations in August, and Current Account deficit widened to a 2-year high; The Pound ticked up from session lows after figures were released, although it returned to previous levels afterwards.
GBP/USD has remained trading at levels below 1.5900, trading in a range from 1.5840 to 1.5880 after its decline from 1.5960 high on early European session.
UK Gross Domestic Product has been revised to a 0.6% decline in the second quarter, upwardly revised from the 0.7% decline previously estimated, while Year on Year, GDP has been left unrevised to a 5.5% decline.
UK Current account deficit rose to GBP11.4 billion in the second quarter, the largest deficit in almost two years, up from GBP4.1 billion in the previous quarter.
Furthermore, Consumer lending rose GBP699 million in August, fuelled by a by an GBP1.009 billion increase in mortgage lending, up from a GBP462 million decline in July.
At the same time, the Bank of England stated that M4 holdings by UK companies rose 0.7% year on year in August, the largest annual increase in more than a year time.