Sterling ends the year against the euro around 5% down on where it started 2022, but still sticking close to its post-referendum average. It’s some 10% down on the US dollar compared to 1st January 2022 in what has been a turbulent and difficult year for the UK economy and politics by any measure.
Sterling regained some of its losses over the past 24 hours but remains weaker against most currencies compared to last Friday.
That is most noticeable against the Australian and New Zealand dollars, which benefited from China’s likely economic boost as Covid restrictions ease.
News this morning of the declining angle of descent in house prices will be a source of comfort for those selling UK properties (including many buy-to-let landlords whose business model has been wrecked by mortgage rate rises) and also for an economy that relies on that property-value feel-good factor.
Next week starts on Tuesday with manufacturing PMI.
GBP/EUR past year
