Subscribe to the BlogThe pound has fallen sharply against the euro despite UK growth figures being revised upwards. It just goes onto prove what a beast the market could be. At noon, sterling was down two-thirds of a cent against the euro at 1.12 euros, having risen before the latest GDP data was released. The pound also fell against the dollar, though it remains up from the nine-month low recorded on Thursday. There is no reason for this except that people expected much better recovery. Analysts blamed underlying concerns about the weakness of the recovery and government borrowing for the falls.
The revised UK GDP figures released on Friday showed that the economy grew by 0.3% in the last quarter of 2009, up from the initial estimate of 0.1% growth.