Currency Note Sterling

Sterling drifts lower

By Smart Currency November 26th, 2013

Sterling began the week in positive fashion before weakening against the majority of its trading partners after worse than expected mortgage approvals data was released. The data showed a surprise reduction in the number of mortgages approved for October when compared to September. Sterling has been pushing to year highs against the US dollar and multi-year highs against the Canadian and Australian dollars on the basis that the UK economy is in a sustainable economic recovery . The key test for sterling this week will be growth figure for the third quarter released tomorrow which is expected to be 1.5%. In the meantime, this morning sees the inflation report hearings from the Bank of England (BoE) which will include the central banks economic outlook. Call now for a live update on the market.