Sterling wobbles after UK GDP data matches forecasts

LONDON: Sterling slipped but quickly recovered against the dollar and euro on Tuesday after UK growth data matched analysts' expectations, confounding some investors who had been hoping for a better-than-forecast readout.

The pound fell as low as $1.6550 from $1.6592 in the wake of the data, which showed Britain's economy grew at its fastest pace in six years in 2013.

However, it soon rebounded and was last trading up 0.1 percent at $1.6595. The euro rose as high as 82.535 pence from 82.34 pence, although it was last trading down 0.2 percent at 82.30 pence.

UK gilt futures briefly pared losses after the data. But they were last down 36 ticks on the day at 109.21, having stood at around 109.28 before the data release.