There was little movement for sterling yesterday, but it held on to the slow gains it has made in the past week against the euro and is close to its strongest against the US dollar since last June.
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It’s all too easy, when things go a bit quiet in the currency markets, to get lulled into a false sense of security. But there is plenty around the corner to threaten sterling, including the final quarterly GDP result on Friday for the UK and inflation data for the eurozone. It is usually after a steady climb that the currency takes a sharp turn in the other direction.
It could be a case of being just a little too quiet out there, and as we have seen, there always seems to be a ‘black swan’ lurking around the corner.
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