The US dollar is holding it strong position, with the price down in the low $1.60s

The pound edged slightly lower against the US dollar on Friday in the wake of positive US data, with the pair closing the week at 1.6260.

• Sterling fell against the dollar as stronger-than-expected US data lent broad support to the US currency, while worries about the UK's shaky situation continued to weigh on sentiment towards the pound.
  
• Consumer sentiment in the US increased to 73.4 for December, compared with 67.4 in the previous month. Forecast was for an increase to 68.8.
  
• Retail sales were also improved in the US, supporting the currency. That the dollar gained on Friday from positive news supports growing evidence that the currency is no longer being broadly sold as risk improves.
  
• However, the rating agency Moody's prevented sterling from sliding too far, remarking that the UK is in no imminent danger of a ratings downgrade.
  
• In trading this morning the pair are holding relatively steady and are likely to remain range bound with no major economic data out today in either the UK or US.