British Pound Hits Highest Level Since 1991

The British pound rose for the seventh day in a row to hit the highest level against the US dollar since 1991. Traders continue to shrug off weaker economic data, which indicates that the currency’s strength has been primarily due to dollar weakness than improving UK fundamentals.

With a mandate to ensure price stability, the Bank of England is in the same boat as the ECB. Next week they are also meeting to discuss interest rates, but no changes are expected. Besides that, we also have service sector PMI, the trade balance and industrial production due for release.