The Great Britain pound showed resilience despite negative domestic data. The currency held steady today after a small drop against the US dollar and the euro yesterday. The sterling even managed to rise against the Japanese yen.
The Rightmove House Price Index dropped 0.8 percent in July after rising 0.1 percent in June. It looks like the efforts made by the Bank of England to cool the housing market are starting to have an effect. The sterling dropped because of the data as well as due to the general risk-negative mood of Forex traders.
Yet despite all the negative factors the currency did not fall far. Experts speculate that market participants are betting on an eventual interest rate hike from the BoE, and this supports the pound.
GBP/USD traded at about 1.7079 as of 4:42 GMT today after falling from 1.7084 to 1.7074 yesterday. EUR/GBP was at 0.7917 following the rise from 0.7910 to 0.7919. Meanwhile, GBP/JPY advanced from 173.11 to 173.30.
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