Sterling received a boost this morning following better than expected UK Retail Sales figures. The Pound has been gaining market support since the Bank of England (BoE) minutes were released on Wednesday, as they indicated that all nine members voted against further Quantitative Easing at this time. This was seen as a major positive by investors and the Pound benefitted from it.
This upwards trend for GBP has come about despite news that the Eurozone is no longer in recession. Yesterdays Gross Domestic Product figures indicated that the Eurozone economy had grown by 0.3% and although this figure is surely a positive, it may have been distorted by the fact the French and German economies grew significantly. Both economies are seen as integral to the future of the Eurozone and may have pushed the figures up for some of the more peripheral nations.
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