UK pound is getting a little help from better economic data recently, and that is allowing it to gain against the dollar and the yen for now. While the pound is lower against the euro today, sterling is doing well against other major currencies. However, there is speculation that the pound will soon drop back against the dollar.
For today, sterling is heading higher against the US dollar and the Japanese yen. Improving economic data is helping the UK pound, as well as fueling speculation that the Bank of England will be thinking about raising interest rates soon.
Even though sterling is higher against the dollar and the yen, it is struggling against the euro. The latest news out of the eurozone has given the 19-nation currency an edge. On top of that, analysts aren’t sure how long the pound can remain higher against the greenback. Concerns that the UK economy won’t keep pace with the US economy, as well as expectations that the Federal Reserve will still raise rates before the BOE does, point to a lower pound in the future.
At 14:00 GMT GBP/USD is up to 1.5479 from the open at 1.5464. EUR/GBP is up to 0.7331 from the open at 0.7325. GBP/JPY is up to 185.4140 from the open at 184.8150.
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