Pound US Dollar exchange rate: GBP/USD creeps higher as partial recovery in car production

The GBP/USD exchange rate has strengthened to $1.248 this morning, a slight improvement on the day’s opening levels. On Wednesday morning data revealed that the UK economy expanded by 0.3 per cent in May. Commenting on the data, Head of GDP at the Office for National Statistics , Rob Kent-Smith said: “GDP grew moderately in the latest three months, with IT, communications and retail showing strength.

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