Sterling Surges as UK Economy Defies Expectations

The British pound saw a notable increase as recent data indicated the UK's unexpected economic growth in the last quarter of 2022. Sterling appreciated by 0.57% against the dollar, reaching a high not seen for over a week, following the surprising 0.1% GDP growth reported by the Office for National Statistics.

In an unexpected turn of events, the British economy showcased resilience as data from the Office for National Statistics indicated a growth of 0.1% in the final quarter of 2022.

This positive development had a tangible impact on the currency markets, with the pound rising 0.57% against the dollar, hitting $1.25155, a peak not observed in over a week.

The economic uptick defied predictions from Reuters-polled economists, who had anticipated a 0.1% contraction, offering a glimmer of hope amid an otherwise somber economic outlook.

(With inputs from agencies.)