Azernews.Az

By Bloomberg

The pound rose against the dollar for the first time in five days before a report analysts said will show the U.K. economy grew more in the first quarter than the government’s previous estimate.

The British currency was little changed against the euro after news on Wednesday that Greece and its creditors were on their way to a deal, even as any progress was uncertain.

“Hopes are that a slight improvement in U.K. growth could support sterling, which is still somewhat of a bystander in the euro and dollar moves right now,” said Lee McDarby, executive director of U.K. corporate foreign-exchange sales at Nomura Holdings Inc. in London.

Gross domestic product grew 0.4 percent in the first quarter from the previous three-month period, or slightly above the previous reading of 0.3 percent, according to a survey of economists by Bloomberg.

Sterling advanced 0.1 percent to $1.5371 at 9:23 a.m. London time, its first gain in five days. The pound was little changed at 71.08 pence per euro.

The yield on benchmark 10-year gilts fell one basis point, or 0.01 percentage points, to 1.87 percent. The 5 percent bond due in March 2025 rose 0.1, or one pound per 1,000-pound face amount, to 127.82.