Postive data from the UK and U.S

Pound/dollar rates remained relatively flat on Monday as data releases from the UK and U.S led to exchange rates staying in a 50 pip range. At the high of the day saw the GBP/USD cross briefly break $1.5870 after rising from the low of $1.5820.

In the UKMonday morning saw the Council of Mortgage lenders (CML) announce that mortgage lending had picked up in February. The number of home loans increased by 4% from January to 36,600, a gain of 17% compared to February 2011.

The number of loans given to first-time buyers also increased by 8% from January which compared to January 2011 was a rise of 18%. However, the CML said the rise could be temporary as full stamp duty must now be paid for first time buyers.

In the U.S, retail sales grew faster then had been forecast for March 2012. This raised hopes the U.S economy has not slowed as much as originally thought. The retail sales measure is always closely watched as consumer spending currently makes up around 70% of the U.S economy.

The pound has gained strength in recent weeks as improving data releases have shown signs of improvement for the UK. On Wednesday we have the UK jobs data and the Bank of England minutes, if the jobs data is weak or there is further talk of Quantitative Easing from the BoE we could see sterling come under pressure.

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