Sterling drops against the dollar

<p>Sterling’s value against the dollar is down.</p>

Sterling lost value against the dollar yesterday (April 15th) due to weaker than expected growth data from China weighing heavily on the global economy.

Analysts had forecast growth to be eight per cent in the Asian nation between January and March, but official figures showed it only reached 7.7 per cent.

Sterling was down 0.2 per cent at $1.5306 as a result, falling away from last week's peak of $1.5412, reports Reuters.

"There is a general tendency to sell sterling on any rallies … Any rise towards $1.54 is likely to meet healthy selling interest," said Richard Wiltshire, chief FX broker at ETX Capital.

He added the release of growth data for the UK economy is going to have a major impact on the health of sterling, while the announcement of Bank of England Monetary Policy Committee meeting minutes could also have an effect on the currency.

Sterling's drop is in contrast to its gains on April 11th, when the pound was up at a seven-week high against the US dollar and a three-and-a-half year high compared to the Japanese yen.

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