Pound rises after UK GDP revised upwards to -0.5%

The pound has risen against the euro after UK GDP growth was reported as -0.5% in Q4 2010, slightly ahead of previous estimates of -0.6%.

Meanwhile, the annual rate of growth was unrevised at 1.5% in the latest report by the ONS. Following the announcement, the pound was trading slightly up at 88.23p against the euro. It had reached its weakest level in five months against the single currency before data was released, trading at 88.36p per euro. The FTSE has been trading sideways this morning, and is currently down slightly by 0.01% to 5,904. Emma Wilson, currency broker at forex company, Currency Solutions, says while the latest GDP figures will improve confidence a little bit the UK economy is still in a difficult pla...