The British currency made significant gains during Tuesday's trading day against its most traded currency counterparts. This was in part sparked by the optimism coming out of the British property market. Britain's 2 largest property companies, British Land and Land Securities, are expected to announce higher than expected gains in the coming days. This helped produce much optimism in the British currency, which is very important, as the British economy is highly dependant on the British property market.
The British economy made significant gains against its major currency counterparts. The GBP/USD cross finished yesterday's trading higher by a whopping 117 pips at the 1.6828 level. The British currency made significant inroads into the EUR, as the pair fell by 53 pips to the 0.8900 level. With regards to the EUR/USD pair, it rose by 20 pips to the 1.4985 level. Much of this behavior was due to a global stock market rally that was boosted by impressive U.S. Retail Sales figures. As was seen, riskier currencies such as the Pound were the main benefactors of this.
Today, there is scheduled to be much market moving data that will be released from both Britain and the Euro-Zone. From Britain, there will be the CPI and RPI at 09:30 GMT. From the Euro-Zone, there will be the publication of the Trade Balance figures at 10:00 GMT. Better-than-expected results are likely to boost both the GBP and EUR significantly. Also, it would be wise for traders to open large positions in GBP and EUR crosses as soon as possible. Doing so would ensure maximum market participation for Tuesday's trading.