Sterling falls after UK GDP unexpectedly contracts in October

Reuters12-13

LONDON, Dec 13 (Reuters) - The pound fell on Friday after data showed the British economy shrank unexpectedly in October, which could prompt traders to attach a greater chance to the prospect of speedier rate cuts by the Bank of England next year.

Official data showed UK economic activity contracted 0.1% in October. A Reuters poll of economists had forecast a rise of 0.1% last month, from September's 0.1% fall.

Sterling GBP=D3 initially fell as much as 0.3% after the numbers and was last down 0.24% at $1.2642.

Graphic: World FX rates in 2023 http://tmsnrt.rs/2egbfVh

Graphic: Trade-weighted sterling since Brexit vote http://tmsnrt.rs/2hwV9Hv

(Reporting by Amanda Cooper; Editing by Harry Robertson)

((amanda.cooper@thomsonreuters.com; +442031978531; Bluesky: @acoops.bsky.social))

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