Pound remains strong in the run up to Christmas

Friday 20th December 2014 
This will be my last post for a week, and I’ll be back in action on Monday the 30th of December. 

With regards to exchange rates, Sterling remains strong after figures showed the UK economy is growing faster than previously estimated. The Office for National Statistics (ONS) said gross domestic product was up 0.8%; however it revised its growth figures for earlier quarters. 

This means the estimated annual growth rate has now risen from 1.5% to 1.9%, a revision that has surprised economists. Sterling currently sits at €1.1955 vs the Euro and $1.6377 vs the US Dollar. 

In other UK economic news, ONS data showed that Britain's current account deficit - the difference between the money received from exports and imports - widened sharply in the third quarter to £20.7bn, up from £6.2bn in the second quarter. This countered any gains the growth figures would have caused, and so there has not been much volatility in exchange rates. 

So that’s it from me for a while. I hope everybody has a lovely Christmas, and I will be back with more currency news on exchange rates on the 30th December. 

Remember if you are looking for the best exchange rates, I can help you source levels up to 5% better than banks can offer. You can click here to send me a free no obligation enquiry and one of my colleagues can get in touch to discuss your requirement and explain the service we offer. 

Once again a very Merry Christmas and a Happy New Year. 

Alastair Archbold