Smart Daily Currency Note | The Euro zone will be the centre of attention today
GBP/USD – 1.6086
It was a mixed day for sterling yesterday. David Cameron admitted in the morning that economic times were tough, and that the UK needed low interest rates to continue, and the chatter of a potential triple dip recession returned to lips of traders across the market. As such, it was not all that surprising that sterling slipped off in value. While it pared off the losses against the dollar pushing up towards 1.61 in the late afternoon, it dropped back down below the 1.23 mark against the euro. Today is a quiet day for data, but expect talk of the "triple dip" to continue after last week’s week manufacturing and services data. Get in touch now for the latest news.
The US dollar struggled yesterday, slipping away from a near three week high against the euro and struggling across the board as the US markets focus on the fourth quarter earnings season which unofficially begins late tonight. With very little data out today, expect markets to continue to remain fairly range bound as traders wait for unemployment and trade balance data at the end of the week. Volatility elsewhere is likely to be the main driver in moving the US dollar, as traders wait on further monetary easing in Japan which could benefit the dollar. Get in touch now for the latest news and rates.
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