Sterling has had a relatively quiet week, with little in the way of data releases from the UK to influence sterling markets. Positive data from the purchasing managers’ index in the service industry resulted in gains against the euro on Wednesday, although a speech from the President of the European Central Bank fuelled optimism in the single currency, weakening sterling below the 1.21 level. More movement has been seen against the US dollar this week, with sterling making gains on Thursday in the wake of jobless claims reported in the US.
Today there is no significant data out of the UK, but if the unemployment rate in the US is shown to have increased over the past month we can expect to see sterling build further on Thursday’s gains.
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