Currency Note Sterling

Sterling strengthens following positive manufacturing data

By Ricky Bean September 3rd, 2013

Sterling had a particularly strong start to the week, rising to a 2 month high versus the euro. This movement was down to strong manufacturing index data, showing the sector had expanded once again, this time the most since February 2011. With investors mindful of the Bank of England’s new “forward guidance” policy on interest rates, any signs of economic recovery will begin to have more weight as it will increase the likelihood of a rate hike being pushed through earlier than the BoE had initially forecast. Sterling’s busy week continues today, with the construction sector taking its turn and should this data also reveal promising growth, further reactions from the currency are likely to be seen. Get in touch with your trader now for the latest price on sterling, as the country’s recovery seems to be building further.