The British pound rose against the dollar on Tuesday, averaging a two week high against the US currency.

At its peak, the sterling was trading for 1.9878, as the position of the dollar weakened following mixed reports from the US housing sector.

Trading between the dollar and the euro remained fairly steady, the euro peaking at a two-week high of 1.3434 against the US currency.

Against the yen, the euro also remained at fairly steady rates, fluctuating between 166.08 and 165.34

The pound also traded well against the euro, climbing throughout Tuesday and peaking at a one-week high of 0.6751.

Wednesday will see the Bank of England release minutes from the June meeting of its monetary policy committee.

Analysts are suggesting that the minutes will strongly affect sterling trading in the near future, potentially pushing the pound back to 2.0000 against the dollar.