The Monday before Christmas was a quiet day in terms of sterling data. The only piece of data we saw released were the Financial Policy Committee (FPC) Meeting Minutes, which is a detailed record of the Bank of England Financial Policy Committee’s most recent meeting. This confirmed that banks involved in the stress tests last week need to conduct their own stress testing and capital plans need to be strengthened.
Today, we will see the busiest day in terms of data releases before the Christmas break, with Final growth data, Mortgage approvals and current account figures out from the UK. Current Account figures are linked to the Trade Balance figures and usually show a strong negative figure due to the UK being a ‘importing’ nation. We could see some movement on the back of the Final UK growth figures if the reading is significantly different from the 0.3% growth forecast.