Sterling gains slightly against the euro | Smart Daily Currency Note
GBP/USD – 1.4932
Sterling finally enjoyed a little respite yesterday, notably gaining nearly a cent against the euro and trading back above the 1.15 mark for most of the day. The relief came after five days of negativity as markets began to view sterling as undervalued in light of speculation that next week’s budget will delay fiscal austerity measures. Today is once again quiet on the data front, but with markets and the news full of chatter about Mr Osborne’s budget next week we could see volatility nonetheless. With some analysts even citing 1.50 as a new high point for the US dollar rate, sterling is certainly not out of the woods yet. Get in touch for the latest news and up to the second rates.
The US dollar performed well yesterday on the back of better than expected retail sales data for February being released in the morning. The US dollar strengthened to a three month high against the euro, ending the day in London below 1.30 despite showing some signs of recovery towards the end of the day. There was no significant change in the sterling-dollar rate. Today sees the release of more unemployment data from the states. Positive unemployment data has recently boosted the US dollar as the world’s largest economy continues on the road to recovery. The monthly producer price index is also expected to contribute towards the US dollar’s continued ascent when it is released this morning. Call in now for the latest live rates and information.