A super Wednesday for British Pound
Quote of the day: “If you change the way you look at things, the things you look at will change”
October 15th: Highlights
- Great Wednesday for Sterling
- Positive UK employment data
- GBP/USD moved over two cents, highest since Sep 22
- Sterling strength versus Euro
- Weak reports from the US
The strength of the British Pound was seen against the Euro yesterday, closing above 1.3500 and now trading in the region of 1.3532.
The US Dollar felt pressure yesterday following poor retail sales figures showing barely any growth. Data also showed the Producer Price Index dropping at its biggest levels in 8 years, below expectations of -0.7% to -1.1%. The Euro capitalised on the sell off by investors of the US Dollar to gain over 0.5% in the day, breaching the 1.14 key significant levels of resistance. Whilst the pair did briefly flirt with 1.15 levels, we are now seeing EUR/USD trade in the region of 1.1446.
There were raised concerns yesterday over the China economic slowdown. The Consumer Price Index and Producer Price Index came in below expectations, posting 1.6% and 0.1%, worse than forecasts which projected 1.8% and 0.5%.
Aussie unemployment fell lower than forecasts, posting 6.2% against the predicted levels of 6.3%. GBP/AUD is currently trading at 2.1123.
Have a great day!
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