GBP Trading Outlook (08-10-2010)
The Sterling (GBP) broke above the key 1.6000 level but came under pressure quickly as sentiment in the market turned in the US session. The BoE held at 0.5% and no statement was released as expected. US FED officials stating that further QE was not certain and FED&rsquo s Hoenig calling for rate hikes added to the USD buybacks. Overall the GBP/USD traded with a low of 1.5826 and a high of 1.6017 before closing the day at 1.5880 in the New York session. Looking ahead, September PPI Output is forecast at 0.2% vs. 0.0% previously m/m.
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