Sterling continues to strengthen especially against Australian, Canadian and US dollars
By Ricky Bean November 29th, 2013
Sterling was by far the biggest winner this week, gaining strength against all of its major partners and hitting highs against the Australian and Canadian dollars last seen in 2010 and 2009 respectively. We also saw sterling reach the highest level against the US dollar since the start of the year following the release of the second estimate of Gross Domestic Product which showed the UK’s economy has continued to accelerate in the third quarter. Sterling then continued its march yesterday by making further gains against both the US dollar and the euro following comments from the Governor of the Bank of England. The Governor’s comments about ending mortgage lending incentives pushed sterling to a third consecutive day of gains against the US dollar, as investors feel this move will lower the risk of financial instability stemming from the housing market. Today, there is nothing of major significance expected to be released from the UK to affect sterling markets, with the Nationwide House Price Index the most influential piece liable to have an impact. Get in touch with your trader now for the latest sterling rates, after a highly positive week for the UK currency.