GBP - British Pound
The pound rose 0.5% against the dollar to a monthly high $1.3980 yesterday, lifted by the continued drop in Covid-19 cases over the past week and Wednesday's comments from US Federal Reserve chair Jerome Powell. Yesterday a bank of England report showed that mortgage lending surged to a record high of nearly £18bn in June, as many home-buyers rushed to take advantage of a tax break before it was scaled back, which only adds to the positive sentiment surrounding sterling this week.
There was little movement for GBPEUR yesterday trading in a narrow 25 pip range in the mid 1.17s.
Yesterday saw the release of US second quarter GDP data, which showed the US economy grew at an annualised rate of 6.5%, similar to the first quarter’s 6.4% growth rate. The figure isn't the worst but it did disappoint against the forecasts which expected a faster expansion of 8.5%.
In Germany, unemployment fell to 5.7% as companies hired more workers in July. At the same time, inflation rose to 3.1%.
1.3920 - 1.3995 ▲GBP/EUR:
1.1705 - 1.1785 ▲GBP/AUD:
1.8850 - 1.8950 ▲EUR/USD:
1.1850 - 1.1950 ▲