Pound Sterling – UK Markets Although a slew of key economic indicators released last week suggested that the UK economic recovery remains on track, the Pound retreated and nudged below the 1.49 mark against the US Dollar in today’s trading session after robust US jobs data on Friday heightened fears of the US Fed scaling back its massive stimulus measures. On account of light trading today, global cues will be tracked for direction to risk appetite. In tomorrow’s session, industrial production data remains a key event on the radar and with the data expected to reveal an improvement for May, it remains to be seen whether the Pound is able to regain its footing against the greenback. Markets are also expected to set their sights on the NEISR GDP estimates due tomorrow for early insights into the nation’s second quarter performance. RICS house price data and BRC retail sales due overnight feature among the other macro releases that are expected to shed light into the nation’s recovery in the retail and housing sectors. With a quiet week ahead in terms of macro releases, events unfolding across the Atlantic are likely to act as key trend setters for Sterling during this weekly session.
Posted on: Mon, 08 Jul 2013 10:45:21 +0000
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