Friday could be the day that the UK officially ends the longest depression in British economic history as the UK growth figures should push the economy above the pre-crisis peak. Sterling continues to benefit from this positive sentiment as we saw it hit a six year high against the US dollar and continue its upward trend against the euro.
This week is a busy week for data both here and elsewhere in the world. Monetary policy meeting minutes are released on Wednesday which should give us more of an insight into when we could expect a UK interest rate hike especially after the higher than expected inflation figures last week. Today we have the release of the Rightmove house price index, tomorrow the public sector borrowing requirement and later this week we will have the retail sales figures on Thursday and then the afore mentioned preliminary growth data on Friday. So lots of UK data to influence sterling even before the news and data from elsewhere.