At best a steady day for sterling | Smart Daily Currency Note
GBP/USD – 1.5824
Sterling had a mixed day yesterday. It dropped below 1.1850 against the euro for the first time since February 2012 in the early morning but rallied throughout the day regaining most of the losses. It was the same story as the last few days as very poor manufacturing data continued to weigh on prices; but, picked up in anticipation of the Governor of the Bank of England speech last night. The UK remains nervous at the prospect of a triple dip recession and investors will look towards Fridays preliminary GDP data release for a clearer indication of the state of the UK’s economy. Today, the key data comes out this morning, with both the minutes of last month’s Monetary Policy meeting and unemployment data being released. Furthermore, David Cameron is speaking this morning and his speech is expected to make clear his feelings about Britain’s continued involvement in the 27-nation European Union, with a referendum increasingly likely. Get in touch now for the latest news and trends.
The US dollar had a mixed day against the euro yesterday with swings in both directions as data was released across Europe. Sales of existing homes in the US came out worse than expected; but, the reading still left total sales in 2012 at the highest level in the last five years. There is little information out of the US today; but, the first day of the 5 day World Economic Forum (WEF) annual meeting held in Davos takes place. This meeting is attended by a raft of influential figures including central bankers, prime ministers and finance ministers; and whilst some say you cannot expect any actual decisions to be made from these meetings, any comments from major players can cause volatility in the market. Rates can change quickly so get in touch for up to the second pricing and a live market update.
Get in touch now for a live price and to see if the US can avoid tumbling off the so-called fiscal cliff. For individual requirements, visit the SmartCurrencyExchange.com website and for companies visit the SmartCurrencyBusiness.com website