Dollar gains on trade figures
Encouraging data from the US has helped shore the dollar up today.
This afternoon the dollar stood at 1.7513 against the pound and was at 1.2109 to the euro.
The dollar was boosted by better than expected trade figures, which showed the US trade gap narrowed in February.
>From a deficit of $67.3 billion in January - a record - the gap fell to $65.7 million the following month.
Forex Capital Markets chief currency strategist, Kathy Lien, told AFX that the impact could, however, be short-lived.
"Trade data is a little better [...] but I think the dollar rally should be limited as the prospects for the trade deficit still aren't very good," she explained.
Meanwhile in the UK, sterling benefited from news that average earnings were on the rise.