Sterling had a positive day yesterday, buoyed by data confirming that the growth in the British economy had increased by 0.7% through the final quarter of last year, pushing sterling to a week high against the euro of 1.218 and not far from the fifteen month highs seen earlier this month. Performance against the US dollar was less promising, with new home sales in the US increasing significantly in the past month which pushed sterling to a low of 1.662 at one stage, although it did stage a mini recovery later on.
Today sees no major data releases from the UK, but attention will be drawn to the US where the release of unemployment claims, along with the testimony from Janet Yellen, Chair of the US Federal Reserve, could result in market movements.
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