Sterling Better GFK Consumer Confidence could do little to - TopicsExpress

Sterling Better GFK Consumer Confidence could do little to salvage the pound yesterday as sterling largely sold-off across the board. It appears that speculators are positioning themselves for tomorrow’s Interest Rate and Asset Purchase decision. There are no UK economic reports due for publication today so sterling could continue its descent into tomorrow’s announcements. Euro The Single Currency was, more or less, static against the dollar yesterday but managed to gain against the pound. German figures printed better than expected and even Spain managed to better predictions on their Annualised GDP Estimates. Only European Economic Area Industrial Confidence and Economic Sentiment missed targets. Today’s most significant releases will be German Unemployment figures and EEA CPI. US Dollar Despite, what appeared to be, poor US data yesterday the Greenback managed to rally against its counterparts. This was apparently due to the Consumer Confidence number as the current situation element of the data actually printed its highest number in five years. Today could yield some volatility in USD rates as we have the initial estimate on US Q2 GDP, as well as, an Interest Rate Decision and Monetary Policy Statement