020 7898 0500A largely positive week for sterling has seen the currency reach the highest level in three months against the US dollar whilst also moving to a one-month high against the euro.
With little economic data released from the UK throughout the week, sterling movement was driven largely by growing belief that the vote for the UK to remain within the EU will prevail on June 23rd. Following the decision by President Obama to back the ‘Remain’ campaign over the weekend, sterling found significant support throughout trading on Monday and Tuesday.
Economic growth data was released from the UK on Thursday, which showed that the Gross Domestic Product (GDP) throughout the previous quarter had grown by 0.4%, as expected. However, having reached multi-month highs, sterling struggled throughout the afternoon and lost some ground overnight.
Sterling heads into Friday in a strong position however, having found support on the back of a “cautious” meeting of the US Federal Reserve. There is little data released to excite investors today, with comments from BoE member Cunliffe likely to provide the main point of interest this afternoon.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.
