Sterling pares revenues on revised UK GDP

Sterling pares revenues on revised UK GDP

On Thursday, the British pound pared back revenues versus the evergreen buck after data disclosing that the UK’s economic surge during the first quarter turned to be weaker than previously estimated.

The currency pair GBP/USD hit 1.2986, soaring 0.12%.

The Office for National Statistics posted that GDP was revised down to 0.2% for the three months from the first evaluation of 0.3%. It turned to be the weakest surge since the first quarter of the previous year.

The dominant British service sector ascended by nearly 0.2%, slumping from the initial forecast of 0.3% because consumer spending was affected by soaring inflation because of the weaker pound.

Versus the common currency, the British pound was nearly intact, with EUR/GBP hitting 0.8657,from approximately 0.8651 earlier.

Meanwhile, the greenback remained on the defensive, reacting to the minutes from the Fed’s latest gathering, which tempered some hawkish rate lift expectations.

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