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Posted July 16th, 2013 by Charles Purdy

Sterling still feeling the heat | Smart Daily Currency Note

GBP/EUR – 1.155

Sterling experienced some movement yesterday, losing some ground against the US dollar during the morning, but largely making good those losses in the afternoon. There was also little overall movement against the euro as data released from Smart Currency partner Rightmove Plc showed that asking prices for UK housing had risen again to a record high. The most imposing event on the horizon for sterling is the publication of the minutes of the Bank of England’s most recent policy meeting, which may give traders cause to react as everyone looks to get the measure of Mark Carney. Should it transpire that Carney voted in favour of further quantitative easing then we are likely to see a sharp decline for sterling. In the meantime, today sees the release of Consumer Price Index data, which is the most important indication of the current level of inflation in the UK. Higher than expected inflation may lend some support to sterling ahead of the release of the policy meeting minutes tomorrow, whilst lower figures would have an inverse effect. Call in now for a live rate from your trader and to keep pace with developments.

Yesterday saw little in the way of influential data emanating from the Eurozone and its performance was largely defined by events elsewhere. Little net movement was seen against sterling or the US dollar by the close of trading in London. Today we can look to German economic sentiment data to impact upon performance as traders looks for signs of optimism from investors and analysts in Europe’s largest economy. Today also sees the release of Core Consumer Price Index and trade balance data from the Eurozone, but it is Germany’s economic sentiment data that is likely to play the biggest role. Call in now to track its effect and to receive a live rate.

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