Sterling vs. dollar currency exchange 'has fallen'

Sterling vs. dollar currency exchange rates have fallen following the release of data concerning the US economy.

The pound dropped from a steady rate of $1.615 to the pound down to a day's low of $1.61 at 13:00GMT today (January 29th).

This coincided with the release of economic growth data from the US.

Figures from the US Commerce Department showed a growth rate of 5.7 per cent in the economy during the fourth quarter of 2009.

The increase was higher than expected - economists from a survey by MarketWatch had previously suggested a growth of 5.4 per cent, while Reuters thought the number could have been as low as 4.6 per cent.

Despite the positive end to the year for the dollar, 2009 still saw the US economy decline at the largest rate since 1946 with an overall fall of 2.4 per cent across the year.

Click here to find out how much you can save with HiFX's Foreign Exchange services

Posted by Eleanor Ward