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GBP/JPY extends recovery on upgraded UK growth and current account data

GBP/JPY was trading around 208.00 after the pair rebounded from a new year-to-date low near 206.89 earlier in the session.

Reported · Written up by our desk · Major Pairs

FXStreet reports the British pound strengthened against the Japanese yen in Wednesday’s early London trading, with the move supported by revisions to UK economic data.

According to FXStreet, final UK GDP figures showed the economy grew 0.5% in the second quarter, versus 0.4% previously estimated, and the year-on-year reading was revised up to 1.4% from a 1.2% preliminary estimate.

The outlet added that the UK current account deficit narrowed unexpectedly to GBP 19.932 billion in Q2 from a downwardly revised GBP 21.12 billion in Q1, compared with expectations for a wider GBP 25.6 billion gap.

FXStreet also cited softer Japanese data, including a 1.2% retail trade contraction in August and a 4.8% decline in industrial production, as factors that failed to bolster the yen.

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