Pound Gets a Boost from Optimism for 2014

UK pound is getting a boost today, thanks in large part to optimism related to the economy. Many investors expect to see economic improvement for 2014, built on the improvements seen in 2013. As a result, sterling is getting a little help and support today.

Thanks to the economic improvement seen in the last six months, the UK pound is on track to see overall gains against the US dollar this year. Sterling is also getting a boost from the optimism regarding 2014. Many think that the worst is over for the UK economy, and that the pound will benefit as a result. UK pound was also up against the euro earlier, but the 17-nation currency has strengthened, and is now gaining against the sterling.
Even with this boost, though, the pound isn’t likely to see any major gains through the end of the year. Many Forex traders will be happy to stick in current ranges until the end of the year. All of the major news is out, from Fed tapering to a plan for a tighter eurozone banking union, so there isn’t much that is likely to change dramatically.
At 15:44 GMT GBP/USD is up to 1.6355 from the open at 1.6339. EUR/GBP is up to 0.8380 from the open at 0.8371. GBP/JPY is up to 170.14415 from the open at 169.8550.

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