Sterling has had a tough few weeks losing nearly three cents from its peaks against the euro and the US dollar of a few weeks ago. With no major data releases early in the week, sterling continued its slide. Positive unemployment data from the labour market released on Wednesday showing that the number of unemployed people in the UK had decreased throughout February, coupled with promises made in Chancellor George Osborne’s Budget release, helped sterling make small gains against other major currencies apart from the US dollar.
While these gains were maintained against the euro throughout Thursday, the US dollar gained against sterling. This came on the back of comments made by US Federal Reserve Chair Janet Yellen that interest rates could increase as soon as six months after the end of the quantitative easing program in the US. With no significant data expected to be released today, there will be hope that sterling can at least maintain its upward trend against the euro. However, there is a worry that the trend seen over the last few weeks will continue as sterling loses ground to both the euro and the US dollar.
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