The new Governor designate speaks today, how will Sterling react? | Smart Daily Currency Note
GBP/USD – 1.5658
Overall sterling had a relatively positive day yesterday, rising slightly against 14 of its major currency partners, whilst remaining relatively flat against the US dollar. Market speculation which suggests the next Governor of the Bank of England (BoE) – Mark Carney – will make major efforts to boost the economy once he comes into office in July seems to have put some confidence back into sterling in spite of the possibility of increased quantitative easing. This morning sees a speech from Mr Carney which could cause a great deal of volatility in the markets as traders react to clues as to what path he will look to steer the central bank down during his tenure as Governor. Later on we will have the decision on quantitative easing and interest rates from the BoE, both of which are widely expected to remain unchanged. Sterling remains under a lot of pressure, so call in now to see how it may react in a busy day on the currency markets.
The US dollar had a broadly strong day yesterday, pushing to the highest levels in a week against the euro – gaining back nearly 0.5% recently lost as Obama sought to limit the size of the super cliff by addressing matters before it really comes to a fore. While today will be dominated by news from its major peers of Europe and the UK, unemployment data in the afternoon is expected to show a drop – undoubtedly good news for the US economy and further diminishing the likelihood of the central bank engaging in more monetary easing. With so much uncertainty elsewhere, the US dollar seems to be trading somewhat on the side-lines at present; but, recent positive news and data is helping to push the US dollar up against the majority of its peers. Get in touch now for the latest news and prices.
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