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Dollar-Bloc Corrects Higher, GDP Underpins GBP
In a fairly light economic calendar, the UK stands out. The preliminary estimate for Q2 GDP was 0.7%. This is in line with expectations and represents an acceleration of growth after 0.4% in Q1. Business services and finance contributed while oil output soared. Business services and finance were flat in Q1, but in Q2 accounted for a 0.5 percentage point increase in GDP. The mining/quarrying/drilling sector rose 7.8% in Q2, the strongest increase since Q3 1989. Manufacturing, on the other hand, contracted by 0.3% and construction was flat. Manufacturing does not appear to be off to a good start in Q3. CBI noted ... (full story)