A week of Gains For the Pound
After a quiet week on the UK data front, it seems that no news is good news for the pound. Sterling made significant gains against most other major currencies, notably the Euro and the US dollar. The UK housing sector surprised the market last week by announcing that mortgage approvals have edged up from previous record lows, rising three times faster than expected in December. Sterling recovered the ground lost against the Euro over the previous week caused by further UK banking woes and worries of nationalisation. The Euro was sold heavily last week on the back of uncertainty over the European Central Banks monetary policy. Sterling will be this morning’s focus after PMI data reported today some of the weakest manufacturing conditions ever in January. The current market sentiment towards the pound is still caution as traders remain unsure about the pounds recent run of form. Read Full Article »
