Currency Note Sterling

Sterling continues to strengthen against the US dollar

By Smart Currency August 21st, 2013

After last week’s data filled schedule for sterling, this week any such releases are distinctly thin on the ground. With the UK drawing a complete blank yesterday on the data front, movement on sterling rates was somewhat muted. However, gains were again seen against the US dollar, stretching to fresh 8 week highs and briefly managing to rise above 1.5695. While today does bring some notable data releases from the UK in the form of public sector net borrowing, and industrial order expectations, the markets will pay much closer attention to the Federal Reserve Open Committee (FOMC) meeting minutes released in the US this evening. Looking ahead to Friday, we will have the second estimate of the UK’s GDP released – currently expected to show growth of 0.6% – any variation away from this level could well have a big effect on the strength of the pound going forwards. Before Friday though, reaction is only likely to come in response to any inverse strengths or weaknesses from other currencies. Call your trader now to hear the latest price for sterling.