The pound has seen some excellent gains against the US Dollar reaching a high of 1.5626. This is the highest level for 3 months. Sterling exchanged rates were helped on their way due to some positive retail figures which showed that sales grew at there fastest pace in three years. This has followed on from the much stronger than anticipated GDP figures that came out last week all contributing to the pound strengthening.
Across the pond the data has not been as strong as in the UK and it seems that the pound has the momentum of potentially pushing on should we continue to see positive signs coming out of the economy.
Today the BoE will be answering questions from a treasury select commitee to see their view if the economy will reflect signs of ongoing recovery.
If further comments come out regarding any interest rate rises then we may see the pound continue to gain against a host of major currencies.
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