Mark Bolsom, Head of the UK Trading Desk at Travelex, the worldâs largest non-bank FX Payments Specialist, said, âSterling is rising as the markets latch onto the fact that the data is better than forecast. Other than that, there seems to be little economic reprieve â in fact, the data is really quite gloomy.
âLending to businesses fell in January at itâs fastest annual rate since records began, money supply grew 0.2% , itâs slowest annual rate in a decade, and overall government borrowing hit a record-high.â
Bolsom comments, âIn particular, the marginal growth of money supply is a real cause for concern, confirming that the Bank of Englandâs quantitative easing programme is failing to have any tangible or positive effects for UK consumers and businesses.â
Against the pound, the euro was down 0.12% to 1.1193, and 0.09% against the dollar, to $1.5314.