UK GDP Better Than Forecast

Sterling hit a six-week high against the dollar and hit a three-week high against the euro this morning,

This was after data showed Britain’s economy kept its robust momentum in the final three months of 2016, again wrong-footing expectations that the vote for Brexit would rapidly take a toll on growth.

It is, however, still trading around 15 percent weaker against the dollar than before Britain voted to leave the European Union in June.

Against the euro, the pound’s falls have been more modest — around 10 percent since the Brexit vote. Sterling added 0.2 percent against the single currency.

The GDP data released today at 0930 GMT showed the British economy grew at a still robust 2.2 percent year-on-year in the last quarter of 2016, the expectation was 2.1 percent growth.

GDP also rose at a quarterly rate of 0.6 percent between October and December, the numbers showed, maintaining the above-average pace seen in the first three months after June’s Brexit referendum.

Brexit secretary David Davis is due to speak in parliament to set out the government’s proposed legislation on leaving the EU.

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