It’s been a bit of a rough go for the UK pound recently, but the sterling is currently gaining some ground on the Forex market. While trading mixed today, sterling is a little higher against the euro and the US dollar.
Recent economic data out of the United Kingdom has been disappointing, and that has been weighing on the pound recently. Manufacturing data recently missed expectations, and the Bank of England continues to stay the course. Indeed, last week’s decision to keep rates and purchases the same makes it harder for the pound to gain agains the dollar, which is stronger on policy divergence.
Today, though, the pound is getting a little help. Sterling is slightly higher against the euro and the dollar. Pound is expected to maintain some of its strength against the euro long-term, especially after the BOE starts raising rates again, while the strength against the US dollar is likely to be short-lived.
At 11:30 GMT GBP/USD is higher, moving up to 1.5677 from the open at 1.5667. Sterling’s gains against the euro are even smaller, with EUR/GBP falling to 0.7896 from the open at 0.7897. GBP/JPY is lower, with the yen one of the few currencies gaining on the pound, moving to 186.9170 from the open at 187.3880.
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