Sterling gains across the board

Elsewhere, we saw the Japanese yen hold fairly firm against the majority of its peers yesterday, bar a very strong sterling. This was interesting as we saw global stock markets continue to strengthen following comments from Janet Yellen, Chair of the US Federal Reserve, on Tuesday which had injected confidence into the global marketplace. Usually, when confidence surges in the market we see the traditionally safe-have Japanese yen decline as traders look to buy-in to riskier assets. This raises questions over the longevity of this rally in higher-yielding assets, and as such we could see some yen strength over the next few days.

We saw emerging-market currencies hold the gains they achieved on Tuesday, with the South African rand and Turkish lira holding steady throughout yesterday. Overnight last night we had employment figures out of Australia.

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