Sterling’s consistent run of positive data seems to well and truly be over after GDP figures were revised downwards and a weak current account (balance of payments) figures were released early yesterday. This was the main contributing factor to the pound losing ground against the majority of its most traded peers. Against the Euro, it fell from a high of 1.1904 before the data, to 1.1860 at close of trading. It currently lies at 1.1919. It was a similar story with cable, with the bearish outlook on sterling continuing. This was exacerbated by the better than expected unemployment claims figure in the US. GBP/USD fell from a high of 1.6096 to 1.5990 at close, currently trading at 1.6086. Today is quiet for UK data, so the movement most likely is against Euro, with ECB president Draghi speaking. This is likely to lead to some volatility as traders try to decipher clues as to future interest rate decisions.
Posted on: Fri, 27 Sep 2013 08:40:55 +0000
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