Sterling hits 5-month high in Forex trading

Date: 30 July 2010, 18:12
 
Weak US economic data has helped boost the value of sterling.
Alt News Text Sterling's value has climbed
 

Sterling has climbed to a five-month high against the dollar, boosted by weak US economic data and rising demand for higher-risk currencies.

Reuters reports the pound was up to $1.5697 during Forex trading by 15:21 BST, following the release of figures showing gross domestic product growth in the US during the second quarter was lower than in the opening three months.

Kenneth Broux of Lloyds TSB was quoted by the news agency as saying the strength of the British currency may remain for some time, stating: "It's difficult to see sentiment [reversing]".

"The charts are fairly bullish," he added.

Sterling now looks set to finish up around five per cent against the greenback, its strongest performance for over a year.

The dollar has also suffered against the yen today, dropping to an eight-month low versus its Japanese counterpart prior to the US GDP figures being published earlier today.

It dropped to 86.17 yen on the EBC trading platform, Reuters stated.

Posted by Gareth Mann
 
 
 

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