The pound has enjoyed a rally recently, but that rally is slowing right now. Sterling is trading mixed today against its major counterparts.
Earlier, the pound surged higher, enjoying a rally against its major counterparts as news out of the United States moderated and Forex traders pared back its Fed rate hike expectations.
Additionally, the United Kingdom has seen some promising economic data recently, which has been supporting the sterling against some of its counterparts.
Now, though, the pound’s recent rally appears to be coming to a close. Better news out of the United States and the eurozone has both the dollar and the euro taking tentative steps higher. Sterling is gaining against the dollar today, but some of the earlier gains have been pared and the pound has only small gains.
Sterling is lower against the euro, which is moving higher after the plunge of the last couple of days. UK pound still might regain the upper hand against the 19-nation currency since the eurozone is rocked by concerns about Greece and Spain.
At 10:26 GMT GBP/USD is higher, moving up to 1.5402 from the open at 1.5385. EUR/GBP is higher, gaining to 0.7078 from the open at 0.7068. GBP/JPY is gaining to 190.2550 from the open at 189.3950.
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