Sterling climbs on currency exchange markets

Sterling's currency exchange rate has risen broadly this morning (September 20th).

The pound edged higher on the back of a subdued dollar despite some weak economic data, analysts told Reuters news agency.

Among the statistics was Rightmove's property survey, which revealed that asking prices for housing in England and Wales fell for the third consecutive month in September.

Kenneth Broux, markets strategist at Lloyds TSB Financial Markets, told the news source: "It is a bit surprising that sterling is still holding up despite all the weak UK data.

"But then its strong correlation with risk is giving it all the support."

This morning sterling was trading against the US dollar at $1.56 at 09:45 BST following a major rise over the course of the past week.

Meanwhile, the pound struggled to rise against the euro, buying €1.19.

Click here to see how much you can save with HiFX's Foreign Exchange services

Posted by Chris Smith