Sterling fell against euro on Tuesday as data released in the Eurozone provided the euro with support moving the pair down from the session high of 1.1651 seen early in the morning to a low of 1.1593. GBPEUR currently trades at 1.1595. GBPUSD had a limited 66 pip trading range in yesterday’s session with the high of 1.5592 being reached in afternoon trade amidst a mixed bag of data from the US. The pair currently trades at 1.5515. The pound also came under pressure on Tuesday on anticipation that Bank of England’s Mark Carney may attempt to downplay market interest rates and reaffirm his dovish stance on the economy when he speaks later today. Despite a recent run of good data releases in the UK, the speech is likely to continue the thread of his previous comments. The pound is vulnerable to a knee jerk reaction to trade lower today although many believe any negative comments are priced in. Sterling lost 1.6% against JPY through the course of the day from the high of 153.21 to 150.76.
Posted on: Wed, 28 Aug 2013 09:12:34 +0000
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