AUSTRALIAN ECONOMY GREW IN FOURTH QUARTER

The pound sterling hit new lows yesterday versus the dollar trading at 1.4892. The pair has not been trading at this level since 2010. This comes after worse than expected data coming out of the UK for industrial and manufacturing production.

The pair lost 0.15% yesterday after manufacturing activity dropped 1.5% in January, after analysts had expected a 0.1% increase. Industrial output also fell short and decreased by 1.2%.

This data only comes to further highlight the possibility of a triple-dip recession. The Bank of England could be forced to take further easing methods in order to recover the economy. The country's Gross Domestic Product figure, to be released in a month's time, will confirm whether a third recession in four years will hit the country. The NIESR GDP estimated yesterday a decline of -0.1%.

Meanwhile, key council member Jens Weidmann of the European Central Bank has hinted that inflationary pressures are declining across the Euro-Zone, possibly suggesting that it might be on the cards to lower interest rates, a move that would weaken the euro. These comments led to a 0.14% drop for the euro versus the greenback.

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