Dollar Weakness Boosts GBP/USD

The Pound Sterling hit a 2-week peak and continued to climb, largely thanks to a Euro rally but also by the US Dollar's recent weakness. As in the past, analysts say that gains are capped for the Pound as Brexit talk worries continue to weigh on the currency. Later today, a meeting to work out an agreement that would address the Irish border problems is going to be attempted by British ministers.

As reported at 10:48 am (BST) in London, the GBP/USD was trading at $1.3455, a gain of 0.32% and off the earlier peak of $1.3473; the session low was recorded at $1.3414. The EUR/GBP is trading at 0.87850 Pence, up 0.02383%; the pair is well off the session high of 0.87934 Pence while the low is at 0.87770 Pence.

Euro Higher on Germany Data

In the Eurozone, growth data released today showed seasonally adjusted GDP flat at 2.5% for the 1st quarter (year-over-year) and 0.4% in Q1 (quarter-over-quarter). Though the results were predicted as such in the latest survey of economists, it was enough to give the EUR/USD a boost with the pair trading at $1.182, a gain of 0.39%; the pair has ranged from a session low of $1.7749 to a peak of $1.18400. Looking ahead, Germany has some industrial production figures due out tomorrow with economists predicting a decline to 2.8% for the month of April (year-over-year).

Barbara Zigah is a freelance journalist living in Ghana, who specializes in Forex-related content; her online work has appeared in the IB Times, NASDAQ, Benzinga, and Seeking Alpha.