UK pound is continuing its upward trend today, heading higher as expectations for monetary tighten improve. With data improving in the United Kingdom, and questions being raised in other major economies, the UK pound seems like the place to be right now.
Better than expected data is helping the UK pound again. Last week’s positive data is providing a reason to buy sterling, and this week is only reinforcing the move. With inflation and growth expected for the UK economy, many think that the Bank of England will have little choice but to get rid of its easing measures and eventually raise interest rates.
The good news for the UK economy is overshadowing the slow the growth for the eurozone, as well as contrasting against the latest indications from the Federal Reserve that it will be quite some time before US rates rise. This means a bit of a boost for sterling, and the possibility of long term gains. The UK pound is higher almost across the board, gaining against its major counterparts.
At 12:19 GMT GBP/USD is higher, moving up to 1.6815 from the open at 1.6808. EUR/GBP is lower, dropping to 0.8219 from the open at 0.8242. GBP/JPY is moving up to 172.6235 from the open at 172.2650.
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