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This came after an early fall by the pound to $1.5365, but an upturn occurred after Dubai World agreed a deal with its creditors about restructuring its debts, Reuters reports.
However, the news provider noted that uncertainty in the UK economy could hinder any increases for the sterling and Jeremy Stretch, currency strategist at CIBC, observed that there are still question marks over UK recovery.
He added: "The UK trade numbers were disappointing and PMIs last week pointed to momentum being lost."
In addition, the euro was up around 0.2 per cent against the pound at 82.40 pence.
Yesterday, forex traders will have seen the announcement of weak UK trade data affect the sterling, which reduced to $1.5376 in the morning, despite being at $1.5407 before the declaration, the news provider reported.
Posted by Greg Secker
