Source: ForexYard
The British Pound made solid gains over the Euro on Thursday’s trading day after rumours that the Bank of England will bring next months stimulus program to a halt,as there are indications that the nation’s economy is improving.
The sterling dropped versus the U.S dollar after reaching a 5-month high, as minutes from the recent Bank of England meeting suggested that inflation may be closer then expected.
The Pound reached its strongest level against the 17-nation Euro since August 2010 after appreciating 0.1 percent to 81.82 around 16:00 London time. Against the greenback, despite losing some ground on its recent 5-month high, the Sterling rose 0.2 percent after hitting $1,6079, the highest point since Mid-November.
According to Bloomberg Correlation Weighted Indexes, the sterling has shown the second biggest gains in the past month,coming behind to only the Japanese Yen.Figures show that the pound appreciated 1.6 in the past month whilst the Yen showed a climb of 2.9 percent. The Greenback also had positive figures for the month ,after rising 0.4 percent.
There are a number of financial reports due for release on Friday that could have an impact on the currency markets, in particular, the Euro and the British Pound. The reports include German Ifo Business Climate Index,GBP Retail Sales as well as Canadian Core CPI.
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