Despite the lack of data releases from the UK we saw sterling push higher across the board as the market continues digest the positive data it has been seeing of late. However, there was some slightly disappointing but expected news from the housing sector. The number of mortgages approved by British banks fell to its lowest in a year in the month following Britain’s vote to leave the European Union. This is seen by some as an indication that house prices are on course to slide in 2017.
The highly anticipated Jackson Hole Symposium starts today, which could have an effect on sterling as central bankers discuss policy and worldwide economics. Meanwhile, the Confederation of British Industry (CBI) will be releasing its realised sales numbers. The market always keeps a close eye on the retail sales data as consumer spending makes up roughly 70% of the Gross Domestic Product (GDP) numbers.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.