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Posted May 8th, 2013 by Charles Purdy

Sterling slides but still close to recent highs | Smart Daily Currency Note

GBP/USD    – 1.5481

Despite a quiet day on the data-front, sterling had a weaker day yesterday, dropping against all its major peers bar the poorly performing Australian and New Zealand dollars. It had a particularly weak afternoon, dropping almost a cent against the US dollar in just over an hour; whether this is a bump in the road or a sign of changing fortunes for the recently buoyant sterling remains to be seen through a quiet week for UK economic data. Prices today are likely to be effected by data released elsewhere whilst at the same time looking ahead to the Central Bank’s rate decision on Thursday. Stay in touch with developments by talking to your dedicated trader today.

It was a relatively quiet day for the US dollar yesterday following the release of some influential figures towards the end of last week which has seen it gain against the Japanese yen in recent days. Ground was made against sterling as the rate dropped back below 1.55, as well as a steadily performance against the euro whereby the currency continues to hold firm in the wake of the stronger than expected monthly US jobs report last Friday. Some movement may come today as a member of the Federal Open Market Committee is speaking alongside the release of crude oil inventories data and the 10-year bond auction. Looking further ahead to Thursday we shall see whether unemployment claims data corroborates figures from last week. Call in now for live rates and up to date information.

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Sterling gains against the US dollar | Smart Daily Currency Note


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