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Pound stumbles to 7-week low after U.K. GDP significantly disappoints

Sara Sjolin

The pound moved sharply lower against all other major currencies on Friday after data showed U.K. economic growth slowed more than expected in the first quarter. Sterling fell to $1.3822 from $1.3915 late Thursday in New York. The pair touched an intraday low of $1.3803, hitting its lowest level since March 9, according to FactSet data. Against the euro , the pound dropped to €1.1442 from $1.1497 late Thursday. The losses came after the Office for National Statistics said gross domestic product in the U.K. expanded by 0.1% in the first quarter, marking the slowest level of growth since the fourth quarter of 2012. Economists had expected a reading of 0.3%. GDP grew 0.4% in the fourth quarter of 2017.





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