Sterling still under pressure, despite festive lull

Following Monday’s Boxing Day Bank Holiday in the UK, yesterday saw subdued trading across the currency markets, with a lack of significant economic data releases and low market participation. Despite this, sterling still found itself under pressure and extended its recent losses against the US dollar, falling to an eight-month low against its major counterpart, as US consumer confidence surged throughout December following the Federal Reserve’s interest rate hike.

Another quiet day lies ahead, with little to excite investors other than the release of preliminary Spanish Inflation figures in the morning, and US Home Sales data, which follows later in the afternoon.

Sterling has been having a difficult time throughout December. Contact your trader today to see how this affects you.