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Sterling hits six-week low ahead of GDP data (Friday, April 27, 2018)

Sterling fell to a 6-week low versus the dollar on Friday as investors awaited British economic growth data that could determine whether the Bank of England raises interest rates in May.

Markets are split over whether the central bank will raise rates to curb inflation at the BoE’s Monetary Policy Committee meeting early next month.

Governor Mark Carney marred confidence that a hike would happen when he said last week economic data in Britain was “mixed” and that there were several other MPC meetings later this year.

That sent sterling plummeting from post-Brexit vote highs and left it down for the month of April.

The economic release is due and is expected to show growth slowing modestly, owing in part to bad weather, which hurt retail and construction.