The pound may be retreating a bit against some of its counterparts, but sterling is seeing solid support against the euro today. Thanks to the latest round of economic data, pound is gaining against the euro, even though it is down against currencies like the yen and the dollar.
A round of positive data gave the pound a bit of a boost yesterday, and today the sterling is still seeing some help from that corner — at least against the euro.
UK housing prices are on the rise again, and this has many thinking that the Bank of England might need to take steps to cool the market a little bit. The BOE might decide to increase interest rates to keep things under control, and that would be positive for the UK pound. This is a markedly different situation from the one in the eurozone, in which the ECB is trying to stimulate the economy.
Pound isn’t seeing the same gains against the dollar and the yen, though. The dollar is higher on its own better economic data, and the yen is seeing some strength again.
At 13:09 GMT GBP/USD is down to 1.7142 from the open at 1.7155. EUR/GBP is down to 0.72926 from the open at 0.7934. GBP/JPY is down to 174.9545 from the open at 175.3050.
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