Currency Note Sterling

Sterling holds steady

By Smart Currency August 23rd, 2013

Sterling has performed well on the whole over this week despite little data available from the country to support its currency. In fact, the only actual data to favour the pound was the industrial order expectations, although the currency was also buoyed by news that the Confederation of British Industry had increased their economic growth forecast for the country. The notable point of the week for sterling rates was the increased 2 month high achieved against the US dollar, before the Federal Open Market Committee minutes forced this trend to retrace yesterday. Today we have the second estimate of the UK GDP, the most influential data from the country for the week. Anything other than the expected 0.6% growth could see a strong reaction from the currency, as being the broadest measure of economic activity, it often gives the best overall view of how a country’s economy is performing. Get in touch with your trader now for a live price on sterling at the end of a quietly positive week.