May 25, 2017 / 8:55 AM / 5 months ago

Sterling slips after UK Q1 GDP revised lower

LONDON, May 25 (Reuters) - Sterling edged lower against the dollar on Thursday, after data showed Britain’s economy slowed more than previously thought in the first quarter of this year.

Gross domestic product grew by just 0.2 percent compared with an earlier estimate of 0.3 percent. Most economists polled by Reuters had forecast the rate of growth would stay unchanged, which already marked a steep slowdown from the rapid 0.7 percent pace achieved in the final three months of 2016.

The pound, which hit a day’s high of $1.3012 ahead of the data, fell more than 30 ticks to $1.2980 after the data.

Gilt futures rose about 10 ticks, hitting a session high of 128.93, while the FTSE 100 index touched a session low and traded 0.2 percent lower. British mid caps were also down 0.2 percent. (Reporting by Ritvik Carvalho, Dhara Ranasinghe, and Kit Rees)

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