020 7898 0500The pound touched an eight-week high against the dollar yesterday to continue what has been a positive run of movement against the greenback. It is worth noting that it has been trading within a pretty tight range of late, but perhaps it could break through resistance levels soon. If that happens, we could see some significant movements but, as ever with these things, there is no way of knowing.
Sterling also enjoyed a day of strength against the euro – the first for five days. It will be interesting to see how this pairing plays out throughout the rest of the week.
There were no real data releases yesterday, but today is a much busier affair. We have the bank stress test results, followed by a speech by Governor Mark Carney, and Nationwide will be released their housing price data too. On a monthly basis, they are expected to push to 0.3% in November from 0.2% in October, while the annual figures are forecast to hit 2.7% from 2.5%.
