Yes my teeming millions, I’m quoting a smooth jazz ballad by Jeffery Osborne this morning. Allow me. “I did my best, but I guess my best wasn’t good enough, cause here we are back where we were before.”
The British Pound is continuing its recovery phase as the new trading week continues, extending gains from last week following economic data indicating that the European Union referendum outcome might not have negatively impacted the UK economy in the way that was previously feared.
The Bristh Pound/U.S. dollar (GBP/USD) currency pair ended higher last week on the back of surprisingly stronger-than-expected UK economic data and as the dollar eased along with expectations about an imminent rate hike in the US. But the Cable did sell off heavily on Friday, which took some shine off the week’s rally.