Sterling soared higher across the board as average earnings over the previous quarter rose 2.0%, and the number of individuals claiming unemployment benefits surprisingly fell throughout the previous month. Early strength was supported by better-than-expected labour data, but the major movement throughout the afternoon was driven by a fresh poll suggesting that the vote to remain within the EU had taken a strong lead. Sterling rose on the back of this to the highest level in two weeks against the US dollar, while hitting a two-month high against the euro.
Following a strong performance yesterday, sterling may come under some pressure from profit-taking throughout the morning. Today we have retail sales figures for April with expectations of a significant increase from March and if this proves correct we could see sterling push higher.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.