London RationalFX

RationalFX : Sterling strengthens as UK growth exceeds expectations

RationalFX : The pound picked up yesterday after a week of losses as UK economic growth exceeded expectations. ..

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Growth did not change in the fourth quarter, but this was still better than the anticipated slower level of growth. The preliminary data release for the fourth quarter showed that the economy grew 1.1% year-on-year, better than the forecasted 0.8%. This data serves as some initial justification for the Bank of England, who elected to keep interest rates unchanged at the last meeting.

Any positivity was tempered by further uncertainty coming out of the Brexit negotiations.There is already a dispute in relation to Britain demanding ‘permanent equivalence’ for its financial services. EU Chief Negotiator Barnier has already stated that this would remain under EU control, with no special treatment for Britain.

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