Earlier today the pound advanced against most of its major peers. A report was due out which is predicted to show that the U.K's economy has managed to avoid a triple-dip recession.
A preliminary report is due out today which is predicted to show that the U.K.'s economy grew by 0.1% in the first quarter of 2013. The previous quarter saw a contraction of 0.3%.
As a result, Sterling has gained against the Euro. The advance has been strengthened amid prospects that the European Central Bank (ECB) could cut borrowing costs next week and as Bank of England (BOE) policy makers still remain divided over whether there is a need for more stimulus through so-called quantitative easing.
Any positive growth figure should though dampen any expectations of more easing and the BOE should be less likely to announce any more easing provided that future data doesn't deteriorate significantly.
The European Central Bank (ECB) is expected to cut its key rate, currently at a record low 0.75%, on May 2nd.
On Wednesday ECB Vice President had said that: "We stand ready to act if economic conditions continue to provide bad news, as unfortunately has been the case in recent data that became available."
Any positive growth figure should though dampen any expectations of more easing and the BOE should be less likely to announce any more easing provided that future data doesn't deteriorate significantly.
The European Central Bank (ECB) is expected to cut its key rate, currently at a record low 0.75%, on May 2nd.
On Wednesday ECB Vice President had said that: "We stand ready to act if economic conditions continue to provide bad news, as unfortunately has been the case in recent data that became available."
The Pound rose 0.3% to $1.5315 and 0.1% to 85.18 pence per Euro. The Euro advanced 0.2% to $1.3045 and by 0.1% to 129.60 Yen. The Yen halted a two day decline when it rose 0.2% to 99.34 per Dollar.
In another report due today, Spain's unemployment rate is expected to have reached a record high of 26.5% for the first quarter.
Yesterday the Ifo institute said its index of business confidence in Germany dropped for a second month during April.
The Yen was higher to the Dollar after a report had shown that Japanese investors were net sellers of foreign bonds, to the tune of a total 3.43 trillion Yen ($34 billion) for a sixth-straight week.
The Bank of Japan (BoJ) is set to hold a policy meeting on Friday. It will release its outlook for Japan's economy and inflation and is expected to raise its forecast for price gains for fiscal year 2014.
The Dollar-Yen seems certain to break the 100 barrier soon and many traders expect it to advance to levels between 100 to 125 in the near term.
In another report due today, Spain's unemployment rate is expected to have reached a record high of 26.5% for the first quarter.
Yesterday the Ifo institute said its index of business confidence in Germany dropped for a second month during April.
The Yen was higher to the Dollar after a report had shown that Japanese investors were net sellers of foreign bonds, to the tune of a total 3.43 trillion Yen ($34 billion) for a sixth-straight week.
The Bank of Japan (BoJ) is set to hold a policy meeting on Friday. It will release its outlook for Japan's economy and inflation and is expected to raise its forecast for price gains for fiscal year 2014.
The Dollar-Yen seems certain to break the 100 barrier soon and many traders expect it to advance to levels between 100 to 125 in the near term.
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