Pound Steady, Set to Close Week Second Weakest

The Great Britain pound was relatively steady against the dollar today, rising versus the Japanese yen at the same time. Still, the sterling is set to close the week as the second weakest currency following the dollar.

Britain’s currency fared relatively well during the current trading session after the release of the UK public sector borrowing data. Yet the pound’s performance over the week was far less successful as the currency lost support from interest rate hike expectations. In fact during yesterday’s interview, Bank of England chief economist Andrew Haldane even suggested that a cut of borrowing costs might be prudent.

GBP/USD traded at 1.4778 as of 12:00 GMT today after opening at 1.4753. GBP/JPY rallied from 178.19 to 178.87.

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