The Greenback opens this morning higher across the board. Sterling started Friday’s session on the back foot after Thursday’s comments from Carney, following the Bank of England interest rate and quantitative easing announcement. This saw the psychological barrier GBP/USD 1.5000 being tested early with little in the way of data coming from the UK Friday. This left US data to be the main driver as to whether Cable would break 1.5000 comfortably and the data didn’t disappoint. US Average hourly earnings got the ball rolling and came in better than expected. At 12:30 the move lower occurred and a GBP/USD low of 1.4898 was achieved at around 13:30. The move was then only further supported by non-farm employment change with 195,000 gains in June jobs. The latest job s data from the US is only fuelling thoughts that the Federal Reserve will start tapering its $ 85 billion a month bond buying program. GBP/USD begins today’s session around the lows at 1.4876 (09:45). Not much to come from both locations today as data begins this week thin on the ground. GBP/USD isn’t likely to jump higher today with movement lower also quiet. We expect a range today in the GBP/USD rate of 1.4850 to 1.49
Posted on: Mon, 08 Jul 2013 09:02:40 +0000
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