The British pound recovered from earlier losses Tuesday after official figures showed the UK economy grew slower than anticipated in the 1st quarter.
Britain’s quarterly gross domestic product growth decelerated to 0.3%, but on a yearly basis, the economy was surging at a 2.4% pace.
Sterling added 0.6%, trading at $1.5358. Against the euro, the pound slid 0.2%, closing at 71.60 pence.
It seems numerous US rate plays are going through the Chicago Mercantile Exchange, and “USD strengthening has paused for the time being in currencies,” said Peter Jerrom, Derivatives Broker at Sigma.
Aside from disappointing UK data, next week’s UK general elections have affected the growth figures, with most surveys showed the Conservatives and the Labour neck and neck, implying a hung parliament.
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