020 7898 0500Sterling fared relatively well yesterday, as encouragement for the British economy came from the Chancellor of the Exchequer George Osborne. The Chancellor stated that the UK’s economy was turning a corner and was in the early stages of recovery – although it would be a big surprise if he said any differently! This backs up the general feeling from last week, which saw numerous pieces of economic data from the UK come in ahead of expectations, furthermore, a report released yesterday showed business activity is at its strongest level since 2001. Today is again low on the significant data count for sterling, with tomorrow showing the first important data of the week in the form of the claimant count change and the overall rate of unemployment which will highlight whether or not economic growth is increasing UK employment. Encouraging signs from this would give further evidence for the recovery, and as such would likely give further strength to the pound especially as it would put added pressure on the Governor of the Bank of England to consider hiking interest rates. Get in touch with your trader now to hear the latest price on the pound following these positive signs.
