Currency Note Sterling

Sterling drops against the US dollar

By Ricky Bean December 24th, 2014

Tuesday was not a great day for sterling. We saw some relative weakness yesterday morning, in reaction in part to much worse than expected Current Account figures – nearly £6 billion less than forecast.

We also saw the release of market data showing a fall in mortgage approvals for December, which is now currently at a yearly low of 36.7k. Final GDP for the UK remained the same at 0.7%. Sterling dropped against the US Dollar earlier in the day, which was mainly due to US Dollar strength, and the reported US GDP figures of 5% growth.

We expect Christmas Eve to be a quiet day for Sterling, with no market data releases expected.