Currency Note Sterling

Sterling steady despite disappointing public sector finances

By Ricky Bean August 22nd, 2013

Yesterday was a strong day for sterling, as it rose over the day against 14 out of its 16 most traded partners, with one measure showing it had erased its year-to-date decline. Within this, further 2 month highs were reached against the US dollar, ahead of the release of the minutes from the Federal Open Market Committee (FOMC) meeting. All of this came about even after it was shown that the UK had recorded its first budget deficit for July since 2010. The only other data out for the pound yesterday was the industrial order expectations which came out ahead of expectations and helped to further strengthen the currency by adding to mounting positive economic data for the country. Today, there is once again no UK related data due for release so a quiet day could be expected as a result of this, although further reaction to events elsewhere could produce a knock on effect for the currency. Call your trader now for the latest price on the pound, on a day likely to be more influenced by outside factors.