Sterling exchange rates in general have had a positive day. With good gains against the Euro, Canadian Dollar, Australian Dollar and South African Rand. Although we have seen continuous losses aginst the US Dollar and YEN as investors are still looking for a safe haven with their investments.
Data out today for the UK which had most significance was the second estimate for Gross Domestic Product for the last quarter. Up in line with expectations hitting 0.3% as opposed to the prior estimate of a 0.2% increase.
The markets for the pound are reacting well over the last couple of days trade but if you have requirements to buy USD or YEN you should be wary as the more investors that turn to this safe haven will have dire affects for the pound. We could see levels dipping below the 1.40’s if this trend continues.
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