British Pound Sterling | Currency News Views and Outlook
British Pound Sterling: Currency starts to weaken vs USD as markets fall, strengthens once more vs EUR
- Details
- Category: British Pound Sterling
- Published on Friday, 20 January 2012 10:00
- Written by Will Peters
UK retail sales data unlikely to be of significance as the risk-on risk-off play continues to dominate currency markets.
British Pound Sterling (GBP) in Euro (EUR): GBPEUR is 0.36% higher at 1.1987.
British Pound Sterling (GBP) in US Dollar (USD): GBPUSD is 0.14% lower on the day at 1.5467.
British Pound Sterling (GBP) in Australian Dollar (AUD): GBPAUD is 0.11% higher at 1.4882.
Equity markets have headed lower in initial morning trade in Europe.
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This has had the predictable effect of pushing the US dollar, the global funding currency, higher.
The pound dollar exchange rate has, as a result, been pushed lower.
The pound has however benefitted against the more risk-associated euro. GBPEUR will be looking to retake 1.2 in the near term.
Yesterday, the pound continued to grind higher buoyed by a series of successful French and Spanish debt auctions that were met with firm demand at yields noticeably lower than what had been achieved for similar maturities late last year.
The lowest levels in continuing jobless claims in the US in four years, plus hopes of a Greek haircut deal in the next day or so saw investors once again happy to lighten positions in the relative safety of the USD, and chase yield in some of the risk currencies.
The next obvious directional catalyst is this morning's UK retail sales data. While it will be of interest it will most likely not have a significant impact on the pound as the risk-on risk-off play remains dominant on the currency scene.
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