GBP Trading Outlook (16-02-2011)
The Sterling (GBP) was well supported on a hawkish inflation letter sent from the Bank of England Governor to UK government after the January Inflation reading came in at 4% vs. the 2% mandate target rate. Chances that the BOE would have to raise rates to fight inflation are increasing which each passing month of persistently high readings. Overall the GBP/USD traded with a low of 1.6005 and a high of 1.6174 before closing the day at 1.6130 in the New York session. Looking ahead, December Unemployment Rate forecast at 7.9% and January Claimant Count at -3k vs. -4.1k previously.
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