UK Pound Gains Ground Today

After struggling recently, the UK pound is gaining a little ground today. Recently released data is helping the sterling, especially as the economic divergence between the United Kingdom and the eurozone remains pronounced.

After seeing some unexpected weakness earlier, the UK pound is turning around and making some gains against some of its major counterparts. The pound is seeing success against the dollar and the euro today, even though it is struggling a bit against Down Under currencies.
Recent economic data points to a recovering sterling. The financial services sector is expanding, and new car registrations are up. Even through the Centre for Economics and Business Research is predicting a bit of a cool down for the housing market in the United Kingdom, there is still good news for the sterling, since it means the Bank of England could be closer to raising rates.
And, of course, the pound continues to do relatively well against the eurozone. Investor confidence and other measures of interest in the eurozone are dropping, and the pound looks like a good alternative to the 18-nation currency.
At 10:36 GMT EUR/GBP is down to 0.7869 from the open at 0.7876. GBP/USD is up to 1.6204 from the open at 1.6168. GBP/JPY is down to 174.5440 from the open at 174.7550.

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