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Traders bought sterling on the back of the growth figures, as it shows the UK economy is expanding – GDP grew by 0.7% in Q2 – and the faster the economy grows the sooner the Bank of England can increase interest rates and reduce the stimulus package.
During the week, it was announced that all nine members of the MPC voted in favour of keeping UK rates at their historic lows of 0.5%, and the bond-buying scheme at £375 billion. The central bank also said growth in the second half of the year should pick up.
At 1.30pm (London time), the US durable goods report is released, with analysts expecting an increase of 0.6%. The partial shutdown in the US may have a negative impact on the report, and if the number is soft we could see the pound head towards the $1.63 level.