Currency Note Sterling

Sterling close to multi-year highs against the euro

By Smart Currency May 27th, 2015

With little influential economic data released from the UK on Tuesday, sterling found itself largely trading in response to news from elsewhere. A poor day versus the US dollar saw sterling fall further from its recent post-election highs, and ended the day back at the level we saw on the day of the UK parliamentary election. This can be attributed largely to strong economic data from the States, which showed core durable goods orders and consumer confidence data released in line with economists’ healthy forecasts.

Sterling had a comparatively positive day against the euro, as it surged to the highest level seen since the recent multi-year highs reached in early March. This move came on the back of further speculation over whether Greece will complete their next scheduled repayment to the international monetary fund on 5th June.

Today also sees no data releases from the UK, although with the latest round of G7 meetings scheduled to start this morning, there should still be plenty of news released to generate market movement.