020 7898 0500Expectations of a quiet day yesterday were not met as comments from Bank of England policymaker Ian McCafferty, who claimed that an interest rate hike could happen in 2015, saw sterling make steady gains against its major trade partners. At one stage we saw sterling rise to a level of 1.672 against the US dollar, not that far off the four-year-highs seen earlier this month.
Today we look forward to the release of the second estimate of UK growth for the fourth quarter of last year. The initial estimate of 0.7% growth is not expected to be revised, although a possible rebalancing in net trade figures due to a fall in imports may provide a positive effect for sterling.
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