Sterling fell to a 23 year low against the dollar on Friday following the release of Gross Domestic Product data which confirmed that the UK is officially in recession. GDP fell by a larger than expected 1.5%, the largest quarter on quarter fall since 1980. By 14.57 GMT on Friday sterling was down 1.5 percent at $1.3644, after previously falling to $1.3500, the lowest level since September 1985. Separate data showed UK retail sales rose 1.6 percent in December from the previous month, but difficulties led to the data being compiled on a non-seasonally adjusted basis.
There are several announcements taking place in the US today including Existing Home Sales and Leading Indicators at 15.00 GMT. In the UK, BBA Mortgage Approvals data will be released at 09.30 GMT.
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