Pound Holds Steady Amid Growth Data Uncertainty and Middle East Tensions

The British pound has maintained its stability against both the dollar and euro as traders await key growth data due later this week.

On Monday, sterling showed minimal movement against these two major currencies, with a slight increase of less than 0.1% against the dollar to $1.3502, narrowly missing a recent high.

Against the euro, it remained stagnant at 85.62 pence.

Traders are eagerly anticipating Thursday's growth data, which is expected to reveal strong economic resilience partly due to increased retail spending during June.

Meanwhile, oil prices have seen a minor rise amid uncertainties concerning the Strait of Hormuz, with forthcoming Bank of England decisions closely linked to energy price fluctuations.