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The pound sterling persists to wilt as the market dumps the currency before year-end. Gbp had been simply the worst-performing G10 currency yet again on Wednesday because of a downward revising in final 3rd quarter GDP statistics.

The Office of National Statistics adjusted Q3 GDP to +0.7% quarter over quarter from the earlier +0.8% reading and that had been sufficient to send the pound to a practically 100 pip tumble. GBP/USD dropped beneath the 200-day moving average the very first time since September. The Bank of England minutes didn’t move the market in spite of a small bias toward rising rates. The minutes uncovered a three-way split for the 3rd sequential month, as expected.

Seven of the nine MPC associates voted for no alteration of financial policy while Andrew Sentance voted to elevate rates and Adam Posen elected to increase bond purchases. The overall tone of the minutes recommended that voters are shifting toward Sentance’s side. “Most of those members considered that the accumulation of news over recent months had probably shifted the balance of risks to inflation in the medium term upwards,” the minutes said.

The Swiss franc continues to outperform as it was the top G10 performer yet again. The fundamentals drivers of the latest move in CHF are not clear and flows might be driving the move. The possibility, nevertheless, that there’s a deep underlying need for francs cannot be eliminated. We feel that the long-term sovereign difficulties within the euro region will justify a bid for the CHF as a safe place all through the year ahead.

The top news from North America on Wednesday was an upward revising to third quarter GDP to an annualized pace of 2.6% from 2.5%. This is seen as a letdown, nevertheless, because economists were planning on a modification to 2.8%.. The unexpectedly lower reading came due to a downward revising in individual usage from 2.8% to 2.4%. The slowing consumer spending is an unfavorable signal for holiday spending. Inflationary data inside the report continues to back up the Federal Reserve’s case for QE2. Core prices rose at a 0.5% annualized pace, the slowest since record-keeping started in 1959.

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