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Sterling rallies on UK GDP revision, Barnier's Brexit comments


Friday, 29 June 2018 17:30 WIB

poundSterling,Poundsterling


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The pound rallied sharply on Friday after a better-than-expected revision to Britain's first quarter economic growth raised expectations of monetary policy tightening later in the year.

Adding to the bounce, the European Unio's chief negotiator Michel Barnier said that EU leaders had made progress in Brexit talks though big differences remained.

The British economy grew 0.2 percent in the January to March quarter, against a preliminary number of 0.1 percent.

The data also showed Britain’s services sector gathered steam in April, raising hopes of a second-quarter pick-up after a sluggish start to 2018 that has stopped the Bank of England raising interest rates so far this year.

Source: Reuters


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