No major economic news was released from the UK yesterday, although sterling did move against the US dollar throughout the day, hitting a high of 1.667 against the dollar before dropping to 1.658 in the afternoon and then regaining ground overnight. The positive momentum which has been driving sterling higher over the past month is now fading; however, if sterling can hold above the 1.660 level then it could result in longer term gains. Today sees no significant data releases from the UK, although the release of a consumer confidence survey from the US may result in market movement that could affect sterling.
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