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According to Reuters, a surprising jump in UK house prices helped move the pound up to $1.6330 after it had hit a 13-month high of $1.6327 earlier this morning against its US counterpart.
What's more, there was a slightly higher than expected reading of manufacturing data as the UK purchasing managers' index fell to 61.5 last month from 62 in January.
Just before midday, sterling was trading at 0.1 per cent up on the day, while there was little change in the euro, which stood at 84.93 pence.
This was in contrast to Friday morning, when the single currency advanced by 0.2 per cent against the pound.
But today saw it recover from an earlier slide as, according to traders, there was a demand for the euro from European reserve managers.
Posted by Greg Secker
