GBP Bids Against JPY as Strong UK Q2 GDP Data Surprises Markets

The British Pound (GBP) saw a slight bid against the Japanese Yen (JPY) during European trading hours on Wednesday, following the release of strong UK Q2 GDP data. The Office for National Statistics reported that the economy expanded at a steady pace of 0.6%, beating estimates of 0.4%. On an annualized basis, the GDP growth was higher than expected, coming in at 1.2%.

Manufacturing and Industrial Production numbers also exceeded expectations, with Manufacturing Production rising by 0.5% and Industrial Production growing 0.2%. The strong economic data is likely to influence market expectations for the Bank of England's (BoE) monetary policy outlook.