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According to Reuters, the currency was up 0.3 per cent against the dollar at $1.6155, while the euro was down 0.4 per cent against the pound at 89.72p.
It strengthened after it emerged that the trade gap of Britain's global goods fell to £6.784 billion in November, down from £7.016 billion in October.
Imports were down 0.8 per cent and exports increased 0.1 per cent, meaning the deficit did not jump by £7 billion as had been anticipated.
Retail sales figures were also positive, but Lauren Rosborough of Westpac told the news source that she is "concerned that there's been a lot of front-loading prior to the VAT rise".
"The question is how much of a fall (in retail sales) will we see in January," she added.
Yesterday, the dollar declined against a number of its major global counterparts, dropping to a three-week low against the euro at one point.
Posted by Greg Secker
