Currency Note Sterling

Bad news elsewhere fails to ignite sterling

By Smart Currency October 2nd, 2013

Sterling had a strong start to the day as external factors pushed the currency higher whilst manufacturing data from the UK became the latest in a line of positive indicators for the currency. Results yesterday showed that the sector had continued to expand in September, albeit by slightly less than anticipated, but this expansion still adds to the ever growing list of signs of economic growth. This, along with the weakness of the US dollar after its own governments partial shutdown, pushed the pound higher again reaching fresh yearly highs versus the US dollar. Today, the second of this week’s PMI trio is due out, this time from the construction sector, while tomorrow completes the set with services. Investors are already predicting these will all be at positive levels, and if this is the case we can expect this to have some impact in the markets. With no other data aside from this today, it remains the most significant internal factor, while events worldwide could ultimately also weigh in, Call your trader now for the latest on sterling, as it continues its strength while others struggle.