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Forex traders may not have rushed to buy the pound, however, as it stayed close to its seven-week low versus the euro, reports Reuters.
Experts claim North American growth and housing data affected speculation this morning, with the UK currency guided by the fate of other markets.
Lauren Rosborough, senior currency strategist at Westpac in London noted: "The euro and the dollar are the main drivers of sterling at present."
British financial data will be released later this week, which is likely to have a significant effect on the performance of the national money.
However, the Forex expert played down announcements in the next few days, arguing: "The main focus will be on GDP data on Friday."
The Office for National Statistics today reported a public sector net cash requirement of £20.95 billion, more than £5 billion higher than analysts predicted.
Posted by Greg Secker
