Currency Note Sterling

Sterling pushes ahead thanks to ‘Remain’ support

By Ricky Bean May 25th, 2016

Sterling reached a three-and-a-half month high against the euro on a day in which it gained ground against all of its major trading partners. Multiple polls were released on Tuesday, suggesting that a majority of the population would vote to remain within the EU at the June 23rd referendum.

Sterling reached the highest level since February against the euro, whilst also pushing further away from February’s seven-year low against the US dollar. The British currency found further support as Bank of England Governor Carney insisted that the UK would face economic uncertainty in the wake of a Brexit vote, although we would expect that upward momentum is likely to be tempered by the likelihood of a close vote.

A quiet day in the markets lies ahead today, with German IFO business climate data the only major economic data set to be released.

If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.