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Sterling rallied on strong earning and positive economic data

Disclaimer: THIS MATERIAL IS NOT INVESTMENT RESEARCH AS DEFINED BY THE FINANCIAL CONDUCT AUTHORITY

This morning sterling is trading above 1.59 against the US dollar after a raft of strong earnings releases and positive economic data yesterday. A great start to the week, it looks like risk appetite is entering the financial markets again. The move in global equities is filtering through to FX markets and as a result sterling remains buoyant.

During the middle of July Sterling found support against the Euro around the 1.1750 region. The cross is now comfortably trading above 1.20 and looks firm.

The appetite for riskier currencies is evidence of a strong financial sector, this is especially true in the UK. It seems that many analyst have been undervaluing sterling for some time, the recent movements is a result of revaluation.

As the US economy begins to lose steam, the dollar is beginning to lose ground. The signs of weaker US growth have become apparent in recent weeks.

Tuesday 03 August 2010, 11:02am

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