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The pound continues to fall

Published: 14 Jan at 8 AM Tags: Pound Sterling, Forex, UK, Economy,

The pound fell for the second consecutive trading day yesterday on the back of some mixed UK economic data.

On the plus side, the National Institute of Economic and Social Research (NIESR), a well respected ‘think-tank’ reported that the UK economy expanded at a 0.7% rate in the three months ending in December after they recorded growth of 0.8% in the previous three months.

The latest data suggests that the UK economy expanded by 1.9% in 2013, up from 0.3% in 2012 and UK GDP is now just 1.2% below its pre-recession peak recorded in January 2008.

The NIESR also predict that the UK economy should continue to expand at a ‘reasonable pace’ this year.

On the negative side, the Office for National Statistics (ONS) reported that UK construction output unexpectedly fell with output rising by only 2.2% between November 2012 and November 2013 compared to a rise of 5.1% recorded between October 2012 and October 2013.

The ONS commented that "Despite the month on month fall in November the longer term picture is one of growth with construction output estimated to have risen by 2.2% when comparing November 2013 with November 2012, the sixth consecutive month on a year ago increase".

Separately, the ONS revealed that both the UK manufacturing and industrial sectors slowed In November with output missing analysts’ forecasts.

Analysts had expected an increase of 0.4% for both sectors but in October, the two sectors achieved a mere 0.2% rise in output.

Meanwhile, UK industrial production was flat in November.

Last night in the US, the US Congress agreed a broad spending deal for the first time since 2009 with a $1.012 trillion package. The full appropriations bill marks another step in the return to regular budgeting in Washington and should prevent another government shutdown by funding the government until September 2014. On the other hand, Congress refused to approve the proposed US budget contribution to the International Monetary Fund (IMF) causing some consternation to the Washington based group.