The pound gained ground against the dollar on Friday, and has continued to strengthen to a 1-week high this morning, as investors bought back the riskier currency following the broad sell-off of sterling last week.
Sterling had been sold off last week amid concerns over the health of the British banking industry and skepticism about the BoE's quantitative easing program. However, the pound shrugged off these concerns on Friday and strengthened against most major currencies as equity markets in the UK were dragged higher by gains in Asia and Europe.
There are no significant releases due from the UK today, while a raft of data is due from the US – Empire Manufacturing, Long-Term TIC Flows, NAHB Housing Market Index and Industrial Production figures are all released in the States this afternoon.
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