During European trading, the British Pound increased against the US Dollar, trading above 1.2350 levels.
The currency pair has been gaining ground on a weakening dollar and despite the fact that the UK government ran a higher than expected budget deficit in December. In the UK, Public Sector Net Borrowing for December was posted showing higher than expected results (14.2 expected vs 17.81 realised). In the US, Leading Index data for December (-0.1% expected) will be posted (15:00 GMT).