UK pound is mostly higher today, thanks in large part to financial optimism in the United Kingdom. It appears that the economy is picking up, and that is supporting the pound against many of its major counterparts in the currency market.
The latest policy decision from the Bank of England keeps the interest rate at a low 0.5 per cent, and it also keeps the asset purchase program stable. However, it appears that those calling for an increase to the asset purchase program are dwindling, and there is economic news reported that continues to support the idea that the UK economy is heading for recovery.
Helping the UK pound, and providing optimism about the economy, is the latest survey from the Confederation of British Industry and PricewaterhouseCoppers LLP. This financial optimism survey indicates that many business owners feel good about how things are going. Other measures of economic improvement are also showing progress for the UK economy.
With this information, and with the US economy in danger from the possibility of a government shutdown and the eurozone still struggling, it is little surprise that sterling has the upper hand.
At 14:17 GMT GBP/USD is up to 1.6067 from the open at 1.6024. EUR/GBP is down to 0.8432 from the open at 0.8465. GBP/JPY is up to 155.9885 from the open at 155.7850.
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