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After the announcement was made the pound fell by almost half a cent against the dollar to $1.6670, while the euro rose to 90.1p against its British counterpart.
The decline came due to the fact that some traders were disappointed the GDP contraction had not been higher than expected, with a figure of 0.3 per cent recorded - lower than the initial estimate of 0.4 per cent.
"There were rumours it was going to be a strong upward revision but it came in on consensus, so there's been a bit of a relief rally [in interest rate markets]," one currency trader in London explained to the news source.
Yesterday also brought a decline in the value of sterling, as investors cut their appetite for purchasing riskier currencies such as the pound.
Posted by Greg Secker
