Sterling up against dollar

<p>Sterling is performing well against the dollar today.</p>

Sterling is up against the dollar today (December 9th) on the back of positive US jobs data.

Figures revealed last week have boosted the pound against the greenback on speculation the employment statistics would not be enough to encourage the Federal Reserve to cut back on its quantitative easing scheme.

Nawaz Ali, UK market analyst at Western Union, stated that although the payroll data was strong, it was not good enough to force the Fed's hand.

He said: "The dollar has come under pressure, which is good for the euro and sterling. The question is, how far do we want to take cable before the year-end? With tapering put off … we've still got a few months of party time."

Sterling was also up at the end of last week after UK house prices rose at their fastest pace in six years during November.

The pound is also up against the euro today, rising by 0.2 per cent to stand at 83.74 pence.

Sterling also saw a solid run recently ahead of the start of the Ashes cricket series between England and Australia. A 38 per cent rise was seen in the amount of Australian dollars sold ahead of the start of the series. After two matches, Australia lead 2-0.

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