Sterling dips as UK GDP revision misses expectations

Sterling has pulled back against the dollar after a second estimate of Q1 UK GDP growth failed to produce the upwards revision expected by economists.

The Office for National Statistics (ONS)'s second reading found the UK economy grew by just 0.3% in the first quarter of the year, the slowest growth level since Q4 2012 and in line with its initial estimate. The latest figure comes as a disappointment, as economists had predicted a marginal upward revision to 0.4%. Year-on-year, GDP is estimated to have risen 2.8%. A downwards revision to services figures offset higher production and construction output, the ONS said. Sterling moved lower against the US dollar as a result, falling from a high of $1.5386 earlier this morning to $1....