GBP
Sterling powered on to fresh highs last week, bolstered by strong UK data that fuelled speculation the Bank of England will be forced to hike rates sooner rather than later. GBP/USD touched on the key 1.70 level (its highest since 2009) as service sector PMI spurred demand for the pound. But there was sharp reversal on Friday as the gains were seen as excessive, leaving cable almost flat for the week. Continuing problems in Ukraine dented risk appetite, leaving the over-exuberant pound exposed. Against the euro the pound was up, …