Sterling climbs in Forex trading against the dollar
July 27th, 2010Sterling has risen to a five-month high versus the dollar today (July 27th), following positive UK retail sales data.
Reuters reports the currency was also boosted by better-than-expected bank earnings results.
The news agency states sterling increased to $1.5535 in Forex trading, its highest level since late February, but by 11:17 BST it had settled at $1.5517, a 0.2 per cent increase.
Howard Archer, chief European and UK economist at IHS Global Insight, said: "Following on from last week’s news that GDP growth had surprised sharply on the upside in the second quarter, [there was] some more very good news on the UK economy."
He added, despite this, suspicion remains some consumers are likely to find life challenging due to the government’s forthcoming fiscal squeeze.
Meanwhile, the euro remained steady trading at 83.85p.
Sterling has been supported by figures released on Friday, which indicated the UK economy was on a much better footing than many had thought.
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