Another day, another fresh high for sterling against the dollar. At one point it was at $1.43 before falling back once more and rather surprisingly ended up weakening. 2018 has been nothing if not volatile.
The main release was the mortgage approvals for December which came in below expectations but were still relatively healthy. However, the main talking point centred on UK and US relations, with reports that the two countries are finalising the detail of a Trump visit to Britain before the year is out. Trump had previously said he would not be paying us a visit, so one wonders what has changed. I get the impression the UK public’s perception hasn’t, but May and Trump sat together, with the 43rd President of the United States saying America loved our country. Brings a tear to the eye.
Today’s main release is the UK’s GDP growth for the fourth quarter of 2017 and this could impact on GBP/USD movements, especially as the US will also release their GDP growth rate for the same period.