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Forex: Sterling falling back after GDP

The second reading of UK GDP data showing unchanged 0.8% gain in the first quarter.  Private consumption was up 0.9% after a weak final quarter of last year (up 0.4%).  Sterling was creeping higher ahead of the numbers, above 1.69 on cable, but has since scaled back down to the 1.6880 area. Overall though, after yesterday’s MPC minutes, the tone to sterling is better as the interest rate debate looks set to hot up and become a lot more balanced.

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