Sterling found fresh support against its major trading partners on Tuesday as further polls increased the expectation that the British public would vote to remain within the EU at the June 23rd referendum. Sterling consequently pushed to a three-week high against the euro during overnight trading, but then lost ground following the release of poorer than expected UK inflation figures.
With inflation rising only 0.3% throughout April – compared to a forecasted increase of 0.5% – sterling lost ground across the board, although it did retrace some of these losses throughout the afternoon.
Labour data will be the major point of interest for sterling investors today, with growth in average earnings forecast to have slackened somewhat during April, while the unemployment rate is set to remain at 5.1%.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.