GBP

A couple of data releases yesterday held GBP/EUR hovering at the 1.25 Interbank Rate, Mortgage Approvals in the last month came out at the lowest reading for 12 months. The day before we also had an unexpected rise in Public Sector Net Borrowing, not very encouraging for the Pound.

Today we have already seen UK Nationwide House Price Index come in under forecast but with attention in Europe ahead of the crucial summit in Brussels it is no surprise to see the Pound slightly up this morning. It appears there is also a slightly more Risk/On for appetite for the commodity driven currencies particularly in the Antipodeans.