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Sterling finished the year around 1.5580 area. This was much lower than initial analysis at the beginning of 2014 were placing it. In the course of the year Sterling came as high as 1.70 handle. However, after economic growth slowdown in the second part of the year and announcements from BoE officials that interest rate hike, which was expected in 2014 would not happen before the end of 2015 or even in 2016 Sterling started to decrease.
 
Housing activity which was quite strong started to decline slightly. GDP growth came to 0.7% in third quarter, with forecasts of even slower growth in fourth quarter. There are also inflation concerns with inflation falling to just 1.0% in November.
 
On the other hand Fed exit its quantitative easing programme and its now up to Fed policymakers to decided when interest rate hike will occur. At the moment labour market conditions are most closely watched and are showing signs of constant improvements. In addition to that US GDP grew by 5% in third quarter beating expectations on 4.3% increase.

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