Despite some weaker than forecast retail figures from the UK this morning the pound was able to continue its resurgence against the dollar, with the GBP/USD cross climbing to a high of $1.5057 during todays session.
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The pound got off to a bad start this morning following the release of the latest UK retail figures. The sector had been expected to grow by 0.4% in March but with sales dropping by 0.5% the pound lost ground across the board.
The news wiped out most of the gains Sterling had made against the dollar yesterday pushing exchange rates back below $1.50, however it turned out to be a temporary slump with GBP/USD back towards a fresh one month high by mid-afternoon.
So why did the GBP/USD cross rise?
The rise for Sterling/dollar this afternoon was down to events in the Eurozone. The dollar has benefitted hugely in recent months as the talk of a Greek exit and the European Central Banks Quantitative Easing programme has seen investors flock to the safe-haven dollar.
However, the dollar lost ground against a basket of currencies today as the euro gained momentum following some positive comments from German Chancellor Angela Merkel.
It was rumoured that Chancellor Merkel would tell the Greek Prime Minister today that she wanted to keep them in the Eurozone and avoid the troubled country defaulting on its payments.
These comments have given investors a glimmer of hope ahead Greece's crunch meeting tomorrow, where the Greek government will attempt to satisfy its creditors with its list of reforms which they hope will unlock their next bailout payment.
If Greece can come to some kind of arrangement with their creditors then we could see the dollar lose even more ground in the comings days and cement the pounds current position above $1.50.
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