Sterling steady before Thursday’s growth figures | Smart Daily Currency Note
GBP/USD – 1.5241
Despite disappointing public sector borrowing figures in the morning, sterling enjoyed a steady day, making gains against most major peers which included strengthening above the 1.17 level against the euro. While today looks set to be quiet in terms of data released, we could nonetheless see volatility as we await tomorrow’s preliminary first quarter growth figures. Although only preliminary, any deviation from the forecast figure of 0.1% growth will likely move the market. Call in now for the latest update on the UK and how this is effecting sterling.
The start of the week saw the release of US housing sector reports, which unexpectedly observed a drop in home sales through March after economist’s estimates that real estate sales would reach their highest levels since 2009 fell distinctly short. Despite this, the US dollar prices were not strongly affected although the US dollar did have a mixed day against major pairings. Further home sales figures will paint a clearer picture later today, though this certainly feels like a soft patch in economic data emanating from America, in contrast to the positive sentiment in the first few months of this year. Talk to your trader today to see whether this marks a turning point in price levels for the US Dollar.