UK pound is steading in Forex trading today, moving in a more positive direction against the US dollar. After some losses to the greenback, due largely to risk aversion, pound is eking out some gains today. Pound is also steadying against the euro, after some solid gains.
The markets have been volatile the last few days. A lot has been going on with Europe, China, and US earnings news. There isn’t a lot of pound-specific news right now, but many are waiting for the UK economic data from quarter two. UK GDP is due to be released Wednesday, and it is expected to provide insight into the British economic recovery.
Pound is also poised to move higher against the euro. Even though the pound has steadied, it still has some upside. Indeed, some exporters are becoming concerned about the pound’s strength, since it makes British goods more expensive relative to other goods. This is not the time for exports from the United Kingdom to slow; the economy is having a hard enough time as it is.
At 13:55 GMT GBP/USD is slightly higher, up to 1.5540 from the open at 1.5507. EUR/GBP is lower, down to 0.7790 from the open at 0.7814. GBP/JPY is a little bit lower, down to 121.5450 from the open at 121.5550.
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