UK economic reports propel GBP rate to 19-month max

Posted 24 January, 2018

The middle of the week has been marked with the sterling posting a 19-month high vs the US dollar. The hike is related to the release of mostly positive economic reports in the UK.

Today the sterling-to-US dollar exchange rate was seen at 1.4093 which is considered as the top price since June 2016.

The driver for the rally is the official reports released on Wednesday. The figures show that the November unemployment rate remained minimal over 42 years in the UK. At the same time, the year-on-year increase in salaries unexpectedly gathered pace.

Nevertheless, some pessimism was brought by an increased number of applications for unemployment benefits that amounted to 8,600 (forecast – 5,400).

The fact that the UK stands a chance for Brexit with better terms bolstered the sterling at the past session.

At the same time, the greenback is still affected by the Monday approval of the provisional government funding.

Notably, stronger sterling positions were recorded vs the euro as well – EUR-GBP was recorded at 0.8757 (0.30% down).

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