Sterling edges higher

Arron Morris Currency Broker - Sterling edges higher.Written by
Arron Morris
Senior Currency Broker
T: 01442 892 065

The pound lost more ground against the dollar yesterday after investors continued to focus on the political uncertainty surrounding the UK and the upcoming Brexit negotiations.

As a result of the shock UK election result last week the GBP/USD cross lost over three cents, and the currency pair continued to lose ground throughout yesterday, hitting a low of $1.2640 to come within touching distance of a fresh two month low.

However, figures released this morning confirmed that UK inflation had risen to 2.9% against a predicted level of 2.7%, and the news helped lift the pound across the board. A rise in inflation will increase calls for the Bank of England to raise interest rates sooner rather than later.

As the London trading session draws to a close the GBP/USD cross has risen almost a cent, with the currency pair now sitting closer to $1.2750, and if the Federal Reserve fail to increase interest rates at their monetary policy meeting tomorrow evening, we could see the pound climb even higher against the dollar.

GBP/EUR exchange rate graph

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Arron Morris
Senior Currency Broker
T: 01442 892 065