UK Pound Sees Some Help From Economy

UK pound is seeing a little help today in Forex trading. While there is still a trend toward overall uncertainty that is keeping the pound down against currencies like the dollar and the yen, sterling is gaining ground against the euro again.

The latest economic news out of the United Kingdom show that the recovery continues to pick up steam. The Office for Nation Statistics reports that GDP grew by 0.9 per cent compared to the previous quarter, and 3.2 per cent year over year.
This news is encouraging many to speculate on when the Bank of England will pick up the pace with its monetary tightening efforts. With the United States already moving away from quantitative easing, many are looking to see if the United Kingdom will follow suit.
UK pound is getting a boost against the euro with this news. Once again, the positive movement in the UK economy is contrasted with the struggles of the eurozone economy, and that is putting the sterling ahead — even though the pound is still down against currencies like the dollar and the yen.
At 10:22 GMT GBP/USD is down to 1.6208 from the open at 1.6241. GBP/JPY is also lower, down to 177.6550 from the open at 177.8350. EUR/GBP is down to 0.7778 from the open at 0.7811.

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