GBP Trading Outlook (31-01-2013)
The Sterling (GBP) took advantage of the USD weakness to pare back some of the recent losses. Sentiment towards the Pound is weak but we have already has some considerable selling over the last two weeks on what is still unconfirmed rumors. Talk in the market that QE would be expanded at next week’s BOE meeting and that the UK may lose its AAA rating have been daily reasons for pound weakness. Looking ahead, German Retail Sales forecast at -0.1% vs. 1.2% m/m. January German Unemployment Rate forecast at 6.9% vs. 6.9%. German Unemployment Change is forecast at 8k vs. 3k previously.
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