Sterling Slips After UK GDP Surprise

The British pound dipped against the dollar following data that showed the UK economy unexpectedly contracted by 0.1% in January, contrary to predictions of a slight expansion. Sterling, although down by 0.19% to $1.2929, remained marginally up for the week.

Sterling took a hit against the dollar on Friday as the latest data revealed an unexpected contraction in British economic output for January compared to December.

The British pound saw a downturn of 0.19% for the day, trading at $1.2929, despite retaining a slight upward trend over the week overall.

The gross domestic product for the UK dipped by 0.1% in January versus December, defying economists' predictions from a Reuters poll, which anticipated a 0.1% expansion.

(With inputs from agencies.)