Sterling steady despite poor UK manufacturing data | Smart Daily Currency Note
GBP/USD – 1.5664
A fairly steady day for sterling yesterday in spite of disappointing manufacturing figures in the morning which showed contraction of 0.2% after two months of growth. Ground lost to the euro was regained in the afternoon with sterling finishing the day very close to the point it started against the euro. There was a similar result against the US dollar. A series of employment releases this morning will be the main driver for sterling today. The number of people claiming unemployment benefits is expected to have fallen from last month, a sign that recovery is moving forward. Call in today for a live price, and to find out how sterling is performing today.
In what was a relatively quiet day across the currency markets the US dollar saw relatively little movement yesterday, losing a little bit of ground against sterling and holding steady against the euro. After gaining support from an increased rating from credit agency Standard & Poor earlier in the week, there was little by the way of influential information released yesterday. Today however, we can expect some reaction to the release of a variety of data. Crude Oil Inventories and the monthly Federal Budget Balance, which reveals the difference between income and expenditure by the Federal Government, both have potential to cause volatility if figures differ from expectations. Monthly 10-year bond yields released today could also have implications for US dollar performance. Call in now for a live rate and market updates.