Forex – Sterling pares gains after UK GDP revised lower-SapForex24

The pound pared back gains against the dollar on Thursday after data showing that Britain’s economic growth in the first quarter was weaker than initially estimated.
GBP/USD was trading at 1.2986 by 08.51 GMT, up 0.12% for the day from around 1.2995 earlier.

The Office for National Statistics reported that gross domestic product was revised down to 0.2% in the three months to March from the first estimate of 0.3%. It was the weakest growth since the first quarter of 2016.

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The dominant UK service sector grew by just 0.2%, down from the initial estimate of 0.3% as consumer spending was hit by rising inflation, due to the weaker pound.
Against the euro, sterling was little changed, with EUR/GBP at 0.8657,from around 0.8651 earlier.

Meanwhile, the U.S. dollar remained on the defensive after the minutes from the Federal Reserve’s latest meeting tempered some more hawkish rate hike expectations.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, dipped 0.1% to 96.85.

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