Sterling gained over half a cent against the dollar today following two positive data releases. UK unemployment and unemployment claims came in better than the initial forecasts and helped strengthen the pound. The GBP/USD cross rose from $1.6740 to nearly $1.68 on the back of this mornings data releases helping the pound claw back the ground it lost during trading on Tuesday.
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The positive unemployment numbers, coupled with a strong NIESR GDP reading yesterday has once again underlined that the UK recovery is now firmly on track. UK output has risen past its peak of January 2008 and will add to calls for the Bank of England to raise interest rates sooner rather than later. It looks as though the stance of the centrals banks MPC members is beginning to change and it will be interesting to see the result of the BoE minutes which will be released next week.
If the minutes provide us with any clues that the BoE may consider a rate hike before 2015 then I wouldn't be surprised to see Sterling get back close to the $1.70 level we witnessed only a few weeks ago.
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