Sterling holds near one-week low as UK economy fails to grow in Q3

LONDON, Nov 10 - Sterling held at around a one-week low against the dollar on Friday, set for a weekly decline of 1.2%, as markets digested data showing Britain's economy failed to grow in the third quarter, though this was slightly above expectations.

"The scale of outperformance is unlikely to prompt much change in market pricing " MUFG analysts said in a morning note.Changes in expectations of when and how quickly different central bank start cutting interest rates next year is a major consideration for currency markets at present. BoE chief economist Huw Pill drew attention on Monday by saying that pricing which currently points to a first rate cut to Bank Rate in August 2024 -"doesn't seem totally unreasonable, at least to me."

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