UK pound continues to show strength today, following up on yesterday’s rebound. Sterling is gaining particularly against the euro, although it is higher against other major currencies as well.
The United Kingdom is emerging as one of the stronger of the major economies, and that is helping the UK pound right now. Sterling is up against most of its major counterparts, gaining ground as disappoints appear on every side.
One of the biggest disappointments was yesterday’s economic data from the eurozone. With the eurozone economic data disappointing just about everyone, the sterling has surged on the expectation that the ECB will have to cut rates very soon. On top of that, it appears that there is some lackluster growth in the United States that keeps the pound strong against the dollar. Sterling is even gaining against the yen, and few currencies are doing that right now.
UK pound has been seeing solid economic growth recently, and there is speculation that the Bank of England will change things up in the next few months. However, before that happens, there needs to be more inflation in the UK economy.
At 13:43 GMT GBP/USD is up to 1.6825 from the open at 1.6789. EUR/GBP is down to 0.8152 from the open at 0.8166. GBP/JPY is up to 170.8410 from the open at 170.5650.
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