US GDP falls from 2.6% to 2.2% in the fourth quarter

US gross domestic product in the fourth quarter fell to 2.2% from a 2.6% in the previous quarter, but above analysts' expectations of a 2.0% reading.

Meanwhile, US personal consumption declined slightly in the fourth quarter to 4.2%,while analysts had expected it to hold steady at 4.3%

“Growth is certainly more sluggish than it was at the end of last year, but the US economy is still a shining beacon compared with other developed economies," said Dennis de Jong, managing director at UFX.com.

“There has been some slightly disappointing data this week and the Fed will be eager to see things pick up over the next few months.

"However, the oil crisis will continue to play havoc with the markets and the global economy remains in a precarious situation.”