One good day for Sterling and then back to reality | Smart Daily Currency Note
GBP/USD – 1.5649
Sterling had a torrid day yesterday, undoing the positive gains it made on Monday. Sterling dropped to a 8 month low against the US dollar and weakened back towards 1.15 against the euro. This move came in spite of much better than expected Services Purchasing Managers Index (PMI) data being released showing the industry was expanding again when a slight contraction had been anticipated. There is little data expected to be released today bar figures showing the change in the price of homes. With sterling weakening and back down at historically low levels against both the US dollar and the euro, call in now to see if this trend is continuing.
While the US dollar had a mixed day yesterday, weakness elsewhere drove it to highs against the Japanese yen and sterling – trading consistently over 93 yen for the first time since the spring 2010, and the highest against sterling since August 2012. Services PMI data released yesterday came out as expected showing an industry expansion figure of 55.3 Once again today there is a dearth of data released so expect it to be a day for reaction from news released elsewhere once more. However, one to watch is the release of the Crude Oil Inventories coming out this morning, which can have a direct impact upon inflation and economic growth, especially given the recent talk of Shale Gas reliance in America. Call in now to for a live market quote and further news and analysis.
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