Sterling is going for its fourth consecutive day of gains against the euro this week, briefly touching a three week high of €1.1519 earlier in the session.
The pound is continuing to outperform its peers after strong UK GDP figures earlier this week, helping to lower the risk of more monetary easing from the Bank of England. There was further good news for the UK this morning as a survey showed that UK consumers are more confident over their personal finances. Against the US dollar, the UK currency did start the day marginally down. However, a slightly worse than expected preliminary GDP figure at lunch time from the states has sent the pound higher to be trading just below $1.60.
In other news, next week we will see a raft of market moving data with central bank policy meetings due in the UK, US, Australia, Japan and China. Get ready for a bumpy ride and don’t forget to put your clocks back on Saturday night.
Have a good weekend.
Tom Hampton
Analyst – Caxton FX
