Perhaps the recent speech from the UK Prime Minister David Cameron helped assuage some voters’ concerns as the latest polls on the upcoming referendum show a narrow lead for those who want to remain within the EU. Still, with the referendum more than two weeks away, it’s very likely that the Pound Sterling will see strong shifts in momentum as voters change their minds. Currently, the Pound Sterling is experiencing a reprieve from the recent pressure which, on Monday, put the Pound at a 3-week trough after weekend polls had put the “leave” camp in the lead.
As reported at 10:55 am (BST) in London, the GBP/USD was trading up 0.94% at $1.4581, off of today’s low of $1.4444 yet well off the daily high of $1.4644. The EUR/GBP was down 0.78% at 0.7799 Pence; the pair has ranged from 0.7761 Pence to 0.7863 Pence in today’s trading.
EUR/USD Higher on Upbeat GDP
In the Eurozone, the common currency is getting a bit of a lift from the latest economic news which showed that the Eurozone’s growth improved in the last quarter, both on a quarter-over-quarter basis and a year-over-year basis. According to Eurostat, GDP improved to 0.6% (q-o-q) and 1.7% (y-o-y) against expectations of 0.5% and 1.5%, respectively. As a result, the EUR/USD is trading higher at $1.1368, up 0.11%. In today’s trading, the pair has ranged from a low of $1.1349 to a peak of $1.1385.