Progess predicted for GBP against volatile USD
16 October, 2013
It was an important day for Sterling, as yesterday at 9:30am the UK saw a host of CPI and PPI data released which had the potential to claw back losses suffered by the Pound in the first week of October. All in all it was a bit of a mixed bag, with all of the CPI data coming in better than expected, whilst all of the PPIs were actually worse than expected, even as RPIs (retail price index) came in on the nose, as expected. The effect on £-€ was negative, initially, with a slight decline in value. However, thirty minutes later at 10am economic sentiment results from the ZEW survey were made available for Germany and the Euro-zone. Interestingly, the German figures were positive, whilst the more influential Euro stats were negative – this was what the Pound was waiting for as throughout the day £-€ increased by four tenths of a cent. No further data of any great importance was forthcoming until last night, an hour after England had completed their successful World Cup qualifying campaign; at 22:45 with New Zealand’s CPIs coming in at improved levels.
Today sees another key day for the Pound as we wait with bated breath to see if Sterling can improve upon yesterdays progress – we have employment, unemployment and pay figures at 9:30am with highly importantEurozone CPIs at 10am.
Both the UK and Euro-zone data today is highly influential so please do stay in touch with your CI broker and don’t miss out on any opportunity for gain that may present itself.
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