The Sterling (GBP) the main reason for underperformance in the GBP/USD overnight was the shock revision low of Q4 GDP down -0.3% vs. -0.2%. This dropped the y/y GDP to 0.5% and adds to the case further QE may be warranted at next week’s BOE meeting. Looking ahead, February UK Mortgage approvals forecast at 59k vs. 58.7k previously. Also March German Unemployment Change forecast at -10k vs. 0 previously.
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