The pound made gains against the US dollar yesterday, gaining more than a cent after data showed the rate of decline in British manufacturing eased more than expected in March, a sign that record low interest rates might possibly be having some impact. The dollar was also sold off when a surge in equities lowered demand for the safe haven currency.
Sterling has continued to make gains against the dollar this morning, hitting a 1-week high following data from Nationwide which showed that British house prices rose last month for the first time in 16 months.
Construction figures are due out of the UK this morning, while the US will release jobless claims and factory orders data this afternoon. Analysts will also pay particular attention to the interest rate decision from the European Central Bank today, in addition to any news from the G20 summit.
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