This week was not bad for the Great Britain pound as the currency strengthened against the US dollar and the Japanese yen. At the same time, the sterling closed weaker against the euro and the Australian dollar.
As it was expected, fundamentals were mixed for Britain’s currency. This led to some confusion for the currency, but the general direction was up against the US dollar and the yen, even though the pound weakened on Friday. The yen unexpectedly climbed by the end of the week, reducing its losses versus the pound.
The euro managed to outperform the sterling even as there were some concerns about the debt issues of the eurozone. The Australian dollar climbed against the UK currency even though fundamentals were not that good.
The minutes of the last Federal Reserve policy meeting were released this week, but they had little to no impact on the Forex market.
GBP/USD went up from 1.5306 to 1.5317 this week and its maximum of 1.5410 was highest since February 20. GBP/JPY was higher from 150.29 to 151.42, but retreated from its weekly maximum of 153.84 (the strongest since August 2009). EUR/GBP advanced from 0.8470 to 0.8532, while GBP/AUD slipped from 1.4761 to 1.4603.
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