Sterling had a relatively quiet day yesterday, with no major economic data from the UK. Investors’ main point of interest for the day centred on Bank of England (BoE) Governor Mark Carney, who engaged in talks with Scottish First Minister Alex Salmon over the upcoming Scottish independence referendum; Carney also stated in a separate speech that the BoE was not ready to raise interest rates for the time being.
Little economic data of note was released, but we saw the Nationwide House Price Index, which showed an encouraging 8.4% rise over 2013. Today is another quiet one for the UK currency, with only the mildly influential net lending to individuals and mortgage approvals due for release.
So is sterling catching its breath before further strengthening or is it on looking to retrace and weaken. Difficult to know but if you are thinking of buying or selling sterling, then please call your trader now for the latest sterling rates and a detailed discussion on how to minimise your currency risk.