Currency Note Sterling

Sterling benefits from disarray elsewhere

By Smart Currency October 1st, 2013

Sterling had a very positive start to the week, briefly jumping to 1.6250 against the US dollar and 1.20 against the euro overnight – following the news that the US government had been partially shut down for the first time in 17 year. Data released yesterday showed UK house prices had the largest increase in six years whilst seeing an increase in the number of mortgage approvals. Today, the major data released that could affect sterling’s relative strength will be the manufacturing purchasing managers index (PMI) for the month, as the first in a trio of similar releases in as many days. Last time round, these figures helped strengthen sterling, thanks to their favourable results and expectations are that we could see another positive reading today. Get in touch with your trader now for the latest price on sterling, as it looks to hold on to its recent value.