UK Office for National Statistics now out with the widely expected revision 9 Oct
Eamonn had the heads up earlier in Asia and the various reports circulating helped out a bid under the pound so an understandably limited reaction now it's officially out there.
GBPUSD 1.3117 EURGBP 0.8947
The talk of BOE rate hike on 2 Nov is heightened by this upward revision and the BOE may yet feel it's ok to hike earlier than expected, if only to give them some wiggle room for further Brexit fall out, and to save face after all the recent rhetoric that saw GBPUSD rally to 1.3650 in a hurry.
Give last week's move back down to 1.3026 we can reasonably assume that the hike is now factored in. That's not say however we won't get a reaction from the algos if we do get a hike. Conversely we'll see further downward pressure if they stay on hold.
A long way to go until then though.
