ForexSpace.com (LONDON) - Speaking of this morning’s GDP revision by the Office of National Statistics (ONS) - which showed that the UK growth was not as dire as we first thought - Phil McHugh of Currencies Direct shared his thoughts with the sight.

The senior analyst from Currencies Direct said: “The revision higher in UK GDP from -0.7 percent to -0.5 percent was not enough to boost the pound into a significant rally. The pound has held steady on the news and clearly the revision northwards was not quite far north enough.

“However the pound has fared well this week in the markets especially against the USD following speculation that US policymakers could embark on further QE in September, thus boosting risk appetite.  The revised UK GDP would needed to have been a very positive adjustment of 0.4-0.5 to add further momentum to this week’s pound rally.

“The revision although a small step in the right direction underlines that we are still in a double dip recession with significant challenges ahead.” 

Sarah Cox, Markets Writer. ForexSpace.com