Currency Note Sterling

Sterling continues its downward trend against the US dollar

By Ricky Bean December 8th, 2014

A lack of data on Friday meant that sterling was at risk from announcements outside of the UK. The morning’s European growth figures did little to move sterling against the euro as all eyes were on US labour figures in the afternoon. The pound was hit badly and recorded new yearly lows against the dollar as non-farm payrolls massively outperformed market expectations.

A relatively quiet week lies ahead for sterling, with little influential data set to be released. Manufacturing production figures on Tuesday look set to have the most potential to move the markets, with last week’s strong growth in the sector heightening the possibility of this figure coming out ahead of forecast levels for the second month in a row. The only other major event of the week will be the National Institute of Economic and Social Research estimate of economic growth over the past three months.