Difficult week for sterling, will it continue next week? | Smart Daily Currency Note
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(GBP/USD – 1.5583) GBP/USD 1.5138
Sterling was struggling as it began the week still looming in the shadow of new Governor Carney’s comments. Things went from bad to worse though, as poor manufacturing and industrial production figures on Tuesday saw sterling’s value fall by a further cent to 3 year lows – hitting 1.4814 against a strong US dollar. Sterling has then spluttered through the rest of the week against a wide range of currencies with little UK news being released. However it did gain nearly two-and-a-half cent as the US dollar took a dive overnight on Wednesday. Today is similarly quiet for news, instead traders will be looking to a busy week ahead with inflation figures as well as the minutes from the recent Bank of England meeting. Get in touch today for the latest news and up to the second rates for sterling.
A tumultuous week for the US dollar – flying high through the early part of the week as markets speculated over the imminent end to ultra-loose monetary policy stateside. The Federal Reserve had made comments which lead traders to believe that the conditions were right to begin winding up quantitative easing programs. Markets looked to a speech from the Chairman of the Federal Reserve to add certainty to their speculation – Chairman Bernanke went against all expectations as he explained that much more needed to be seen in inflation and employment figures before the tapering of quantitative easing could begin. The shock news caused the US dollar to plummet 2.5 cent, seeming to settle a new levels yesterday. Today sees the release of influential inflation figures, which have taken on extra weight after recent comments so the excitement may well continue today. Get in touch with us today for the very latest.