UK pound is seeing an advantage today, heading higher against its major counterparts. For the most part, however, gains by the sterling are more about other currencies’ weaknesses than the pound’s strength. There is still plenty of uncertainty to go around with regard to the UK pound.
Sterling is higher against other major currencies, eking out gains after a rough few days. The UK pound is seeing some help on the Forex market as other currencies show signs of weakness. Disappointing readings in the eurozone are sending the 19-nation euro down against the pound. Weaker than expected data out of the United States at the end of last week is helping the pound against the dollar.
Of course, there are plenty of weaknesses for the sterling to worry about as well. UK economic data has been lackluster itself. On top of that, there is still a great deal of uncertainty surrounding the possibility of an exit from the European Union that could weigh on the UK pound. The recent widening of the UK trade deficit is also causing a problem.
At 12:33 GMT GBP/USD is up to 1.4441 from the open at 1.4408. EUR/GBP is lower, dropping down to 0.7880 from the open at 0.7900. GBP/JPY is moving higher, gaining to 157.6210 from the open at 156.0660.
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