Yesterday the Office for National Statistics (ONS) confirmed that the economy grew by 0.7% in the final quarter of 2013, unchanged from its previous estimate and citing a rising level of business investment helping to lift growth in the final three months of 2013. However, its estimate for growth in 2014 as a whole was cut to 1.8% from the initial reading of 1.9%.
The results were very much as expected and had little impact on the market. As a result sterling has now remained relatively flat over the past week, struggling to break through 1.67 against the US dollar, 1.22 against the Euro and hovering between 1.84-85 against the Australian Dollar.
With Mark Carney speaking at 15:00 tomorrow and recent data sets released as expected, if his speech shows a positive outlook, sterling could have a strong end to the week.
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