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GDP data triggers brief spike in pound GDP data triggers spike in pound
(about 1 hour later)
Stronger-than-expected UK growth figures sparked a rally in the pound, but the gains did not last for long. Stronger-than-expected UK growth figures sent the pound to a one-week high against the dollar.
The latest GDP figures indicated that the economy grew by 0.5% in the third quarter of the year, better than analysts' forecasts of 0.3%.The latest GDP figures indicated that the economy grew by 0.5% in the third quarter of the year, better than analysts' forecasts of 0.3%.
In response, the pound hit a one-week high against the dollar to $1.2273 as the chances of another rate cut by the Bank of England appeared to diminish. In response, the pound jumped to $1.2273 against the dollar, as the chances of another rate cut by the Bank of England appeared to diminish.
However, sterling then fell back to $1.2221, down 0.2% for the day. Sterling then slipped back slightly to $1.2249, little changed for the day.
Against the euro, the pound was down 0.3% at €1.1197. Against the euro, the pound was down 0.1% at €1.1213.
On the stock market, the FTSE 100 rose ahead of the GDP data, but then fell back to stand 11.12 points lower at 6,946.97 by late morning. On the stock market, the FTSE 100 was trading flat shortly after midday, down just 0.59 at 6,957.50.
Shares in Barclays were 1.3% higher after the bank reported a rise in third-quarter profits. Barclays also set aside a further £600m to cover PPI mis-selling claims. Shares in Barclays were 2.3% higher after the bank reported a rise in third-quarter profits. Barclays also set aside a further £600m to cover PPI mis-selling claims.
BT fell 3.4% after the telecoms group - which recently acquired mobile firm EE - reported its latest results. Adjusted revenues in the second quarter rose 1.1% to £6bn, with pre-tax profits up 24% to £873m. BT fell 2.1% after the telecoms group - which recently acquired mobile firm EE - reported its latest results. Adjusted revenues in the second quarter rose 1.1% to £6bn, with pre-tax profits up 24% to £873m.
Shares in Debenhams rose 3% despite the department store group reporting a 10% drop in full-year profits to £101.7m. Shares in Debenhams rose 3.4% despite the department store group reporting a 10% drop in full-year profits to £101.7m.