Bank of England now open for business says Carney
25 October, 2013
Ashley Finill
Yesterday saw the Pound suffer further setbacks due to positive data coming out of the Euro Zone. At the start of the day the pound stood at a high but lost ground during the day with the Markit Manufacturing PMI data being released, although the consensus was at 51.4, the figure came in at 51.3, still up from the previous reading of 51.1. The Pound recovered slightly in the afternoon as US PMI was released, the figure read at a negative 51.1 down from the previous 52.8. The BoE governor Mark Carney Delivered a speech at the Financial Times 125th anniversary. It was a fairly positive speech throughout which showed for the Pound. Describing the bank as “open for business” Mark Carney said the BoE would offer money for longer periods and widen the range of assets accepted as collateral. Today we see UK GDP data released at 9.30am, the consensus is that the figure will stay at 1.5% but this is worth keeping an eye on as this could cause high volatility in the rate if the figures swings either way. Later in the afternoon at 1.30pm Durable Goods Orders data is out in the US. Expect this data to effect the market drastically as if the prediction is correct it will see the figure rise from 0.1% to 2.0%. Stay in touch with your currency broker today here at Currency index for friendly and professional guidance.
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