After gaining 3.1 percent in the past 3 months against a basket of other currencies GBP has now entered its third consecutive day of losses falling below 1.1700 versus Euro and below 1.6100 versus US Dollar.
Without any particularly negative data impacting GBP it appears that it is simply falling out of favour as the market considers the falling probability of monetary tightening (reduction of stimulus) from the BoE at next months MPC meeting. It has long been conjectured that once the Fed start to reduce stimulus (taper), then the UK would follow suit.
This afternoon sees a raft of US data but this is likely to be quickly forgotten as the market positions itself for the Fed FOMC meeting tomorrow evening.
Posted in Daily Market News on May 30 2014
As the storm passes, travel disruption across the south of the United Kingdom means that trading in London is likely to be very slow and coupled with todays fairly quiet economic calendar, we do not expect much movement from GBP today.VIEW FULL ARTICLE
Posted in Daily Market News on Oct 28 2013 by alex