GBP Trading Outlook (18-05-2011)
The Sterling (GBP) was the strongest currency in the market after April CPI surprised to the upside. April CPI printed 4.5% vs. 4.1% previously. Retail Sales were less impressive at 5.2% y/y vs. 5/3% previously. The market latched onto the high CPI numbers with expectations of BOE rate hikes being brought forward. Overall the GBP/USD traded with a low of 1.6173 and a high of 1.6305 before closing the day at 1.6250 in the New York session. Looking ahead, May BOE Minutes. Also April Claimant Count forecast at 0k vs. 0.7k previously.
Back to GBP Trading Outlook Archive
