020 7898 0500Sterling performed well once again yesterday as the trend of encouraging economic data continued. After Monday’s strong manufacturing data, yesterday’s construction index data followed suit, coming in ahead of predictions and adding to the list of positive signs for the country’s economy. On the back of this, sterling gained well, particularly versus the euro, where it rose for the fifth day in succession, even managing to briefly reach the highest level in three months. Amongst the specific economic data, the pound was also lifted by the news that Vodafone sold its 45% stake in Verizon for 130 billion US dollars, as a portion of this will go through the foreign-exchange market. The steady flow of data from the UK continues today with services purchasing managers index, and as the services sector makes up for more than 75% of the UK’s output, strong results will add further strength to the pound. Call your trader now for the latest price on sterling, in the middle of a busy week for the currency.
