Mark Bolsom, Head of the UK Trading Desk at Travelex, the worldâs largest non-bank FX Payments specialist, said, âAlthough this is good news, that figure is now historical ârelevant only to the last three months of 2009. Since then, there has been a string of really poor data out. Januaryâs retail sales were dire, claimant count has shot up and our national debt has increased â there is more concern in the markets about what is going on now than a revised GDP figure. Thatâs why the pound dropped in response to what is, in theory, good news.â
Bolsom continues, âThe upward revision to our GDP does not mean we are out of the woods. Weâre still way behind other global economies in the speed of our recovery and investor sentiment remains negative, as the political and economic future of the UK remains uncertain.â
Sterling dropped in response to the news. Against the euro it fell 0.31% to â¬1.1212. Cable fell 0.07% to $1.5250.