The British pound (CME: $BPY) hit $1.60 for the first time in more than half a year this morning, thanks to improved service company sentiment and an increase in mortgage approvals. A rise in consumer confidence in the United States increased risk appetite and lifted the pound, as well.
The news was good enough for a 0.5% gain for the pound against the dollar, a 0.6% increase relative to the euro and 1% against the yen (CME: /JY\M09).
All aren't beating the recovery drums, though. Some analysts suggest caution, as the upward bumps in sentiment may be responses to stock market rallies rather than real economic recovery. For the pound, however, most of the bad news appears to be in the past.
The dollar posted some gains, as well: 0.2% against the euro, 0.5% against the yen and 0.8% against the New Zealand dollar.
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