The US dollar strengthened over the pound by 0.76 cents yesterday to close the day at the 1.4768 level, as fading optimism about the recovery of the global economy saw stocks fall across the world. Falling equities promoted risk aversion and saw investors buy the greenback as a safe haven. The pound is particularly sensitive to equity market moves and had strengthened to 1.4958 earlier in the session.
In today’s trading the dollar has continued to strengthen over the pound, although some of its gains have been pared after reaching as low as 1.4641. Later today industrial production and manufacturing production data is released in the UK as well as Nationwide consumer confidence figures and the NIESR GBP Estimate. In the US, data from the ABC/Washington Post Consumer Confidence index is released.
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