UK pound is trading mixed today as Forex traders and others consider where sterling might go from here. Recent economic data was disappointing, and the latest ECB announcement didn’t meet market expectations.
For the most part, the UK pound appears to be the middle, between the euro and the US dollar. With policy divergence coming between the eurozone and the United States, the UK pound feels a little like a compromise. Indeed, the sterling is lower against the pound today and higher against the dollar.
Yesterday, disappointing economic data sent the pound lower, with slowdowns in key industries indicating that the economic situation is likely to prompt the Bank of England to hold the course for now. Today, though, sterling is getting a boost against the dollar as a side effect of the ECB’s lackluster stimulus efforts.
UK pound is down against the euro, though, as the market deems the ECB’s efforts too little to do the job. No exotic measures were announced, and it seems like more of the same to many Forex traders and analysts.
At 14:19 GMT GBP/USD is up to 1.5035 from the open at 1.4944. EUR/GBP is up to 0.7178 from the open at 0.7103. GBP/JPY is up to 185.3300 from the open at 184.1510.
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