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U.K. Pound Slips Against Euro Before Fourth-Quarter GDP Report

March 28 (Bloomberg) -- The pound fell against the euro before a report analysts said will confirm the economy contacted in the fourth quarter, strengthening the case for the Bank of England to maintain asset purchases.

The U.K. currency slipped against the dollar after reaching its strongest level since November yesterday. Gross domestic product dropped 0.2 percent from the third quarter, the Office for National Statistics will say today, confirming a Feb. 24 release, according to the prediction of all 32 economists in a Bloomberg survey.

Sterling weakened 0.2 percent to 83.66 pence per euro at 7:58 a.m. London time. The pound slipped 0.1 percent to $1.5931, after climbing yesterday to $1.6001, the strongest level since Nov. 14.

Sterling has strengthened 0.2 percent so far this year, according to Bloomberg Correlation-Weighted Indexes, which track 10 developed-nation currencies. The dollar slid 2.6 percent and the euro gained 0.5 percent.

To contact the reporter on this story: Lukanyo Mnyanda in Edinburgh at lmnyanda@bloomberg.net

To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

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