Pound jumps as U.K. economy returns to growth

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Pound jumps as U.K. economy returns to growth
from MarketWatch.com - MarketPulse
FRANKFURT (MarketWatch) -- The British pound extended gains Thursday after the U.K. Office for National Statistics reported the economy returned to growth in the third quarter with a stronger-than-expected 1% quarterly rise in gross domestic product. Sterling traded at $1.6119 versus the dollar, up 0.5% from Wednesday. The euro declined 0.2% against the British currency to fetch 80.71 pence. Economists surveyed by Dow Jones Newswires had forecast a 0.6% rise. Compared with the third quarter of last year, GDP was flat. The return to growth follows a double-dip recession that saw GDP contract in the three previous quarters.