Currency Note Sterling

Will UK data support sterling’s recent strong performance?

By Smart Currency November 18th, 2013

Sterling rounded off last week in positive fashion, thanks to words of encouragement for the UK economy from a member of the Bank of England. Policy maker Martin Weale said that the UK recovery may happen faster than officials had previously predicted, and as a result sterling reached a two week high against the US dollar as it rose for the second consecutive week. This week, data is thin on the ground ahead of the release on Wednesday’s of the minutes of the last Bank of England Monetary Policy Committee meeting. Firstly, the asset purchase and bank rate votes will be revealed with investors always keen to hear exactly how members voted. Following this will be the inflation report hearings, which will be of particular interest following last week’s releases. This is the peak of the week’s events, with things winding down afterwards. Releases such as the public sector net borrowing and Confederation of British Industry Industrial Order Expectations could provide some final volatility, with reaction to Wednesday likely to dominate the markets. Call your trader now, with UK based releases centred in the middle of the week.