Forex Traders Saw the British Pound Strengthen On Tuesday
Following a report released by the Office of National Statistics showing that UK inflation jumped in December, Forex Traders Saw the British Pound Strengthen On Tuesday, significantly outperforming both its US dollar and Euro counterparts. This resurgence of the Stirling currency has offered plenty of trading opportunities and lucrative positions to forex traders at companies such as AVA FX.
These reports released by the Office of National Statistics showed that UK inflation had jumped by the most in a single month since the records began in 1997, during the month on December. This could force policy makers to take the decision to raise the UK interest rates. With all of this information being released there were significant moves in across global forex markets. Following the release of the report the GBP rose to a four-month-high €1.1450 against the Euro and also made headway against the USD, reaching a $1.6456 high against the American currency.
Along with the Office of National Statistics inflation figures, the strength of the pound was further assisted by the news that confectionary company, Cadbury Plc, is to be taken over by Kraft Foods Inc. At the end of a financial tug-of-war which has being taking place for over four months, Cadbury agreed to an improved £11.9 billion offer from global food industry giant, Kraft. This big market news boosted the FTSE 100 Index by 0.3% and further increased the strength of the GBP at forex markets across the world.
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