Sterling climbs for first time in five sessions versus dollar

Sterling titled higher against the dollar away from February 14 lows, following earlier data from Britain and the US, and ahead of a speech by Federal Reserve Bank of Atlanta President Raphael Bostic.

As of 05:03 GMT, GBP/USD rose 0.17% to 1.3941 from the opening of 1.3918, with a session-high at 1.3959, and a one-week low at 1.3857.

Earlier UK data showed the second estimate of GDP growth at 0.4% in the fourth quarter, down from 0.5%, while growing 1.4% y/y, down from 1.5% in the first reading.  

Business investment was unchanged in the fourth quarter, missing expectations of a 0.5% rise, while the services index accelerated to 0.6% in the three month ending December from 0.4%. 

UK net public borrowing rose to 11.6 billion pounds, compared to a surplus of 0.3 billion in January. 

Otherwise, earlier US data showed unemployment claims fell 7 thousand to 222 thousand from 229 thousand in the previous reading, below expectations of 230K, while continuing claims in the week ending February 10 fell 73 thousand to 1.875 million from 1.948 million, also sharply below forecasts of 1.938 million. 

Federal Reserve Bank of New York President William Dudley will spoke earlier today about the economic situation in Puerto Rico and the United States Virgin Islands, following Hurricanes Irma and Maria, at a press briefing hosted by the Federal Reserve Bank of New York

The Federal Reserve released the minutes of the January 30-31 meeting, at which policymakers held interest rates unchanged between 1.25% and 1.50%, while expecting inflation to settle at 2% in the next 12 months.