UK Pound Steady as Long Weekend Begins

While the FX market doesn’t close for holidays, equity markets in the United States and Europe are closed for Good Friday, and that is affecting volume. UK pound is mostly steady against its major counterparts as traders assess the situation from the last two weeks and get set for a new week and a new month.

UK pound is mostly steady right now as Forex traders review the events of the past couple of weeks, including the drama surrounding Cyprus. The pound has a slight edge against the euro right now, thanks to the concerns about what’s happening in the eurozone periphery, and what could be next for the 17-nation currency.

Pound is a little higher against the US dollar. Consolidation in positions is also contributing to currency movements today.

Speculation is also forming over what will happen with the UK pound when Mark Carney leaves the Bank of Canada to take over at the Bank of England. Some think that more easing could be on the way for the sterling, and that would likely  mean a weaker pound overall.

At 13:51 GMT GBP/USD is up to 1.5194 from the open at 1.5191. EUR/GBP is down to 0.8434 from the open at 0.8437. GBP/CAD is up to 1.5449 from the open at 1.5439.

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