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Forex traders have got behind sterling as it rose around 0.4 per cent on the day to increase to $1.6212 at one stage, a peak it hit on November 8th, Reuters reports.
This comes after a UK construction sector purchasing managers' index did better than expected in January, leading to additional speculation the interest rate may be heading for an increase.
What's more, there was also positive news for the pound against the euro as the single currency decreased by 0.5 per cent on the day to a session low of 85.25 pence.
Yesterday morning, sterling managed to advance by 0.7 per cent ensuring it hit a high not previously seen since November 15th.
This was due in part to a strong UK manufacturing purchase managers' index data reading.
Posted by Greg Secker
