The Pound has made yet again further gains on the Dollar as it heads onwards and upwards towards the 1.60 mark.
It appears investors are now starting to pull their funds out of the so called safer havens of the Swiss Franc and U.S Dollar and take a punt of perceived ‘riskier’ currencies such as Sterling following better than expected GDP (Gross Domestic Product) data out just over a week ago.
The economy grew by 1.1% in the second quarter of 2010 and this has pushed the possibility of a double dip recession that little bit further away where as it appears to be geting closer and closer in the U.S
Be aware though that a common saying on the currency market is that when the U.S sneezes the U.K catches a cold – So my personal opinion is that Sterling may climb a little further over the Dollar and push through 1.60 however it may find it hard to push on much further following that and could be range bound from 1.55 to 1.65 for quite a long time now.
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