GBP Trading Outlook (09-03-2012)
The Sterling (GBP) the GBP/USD rallied but at a slower pace than most majors with EUR/GBP buying weighing on the Pound. The BOE held rates at 0.5% and kept Asset Purchase Program at 325bn as widely expected. The outlook will depend on the stock market and general risk appetite but has a good chance to test higher with the mood improving dramatically overnight. Looking ahead, UK January Industrial Output forecast at 0.3% vs. 0.5% previously. Also German Trade Balance forecast at 13.5bn vs. 13.9bn previously.
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