UK pound is struggling right now, following earlier strength against the US dollar. UK retail sales data helped, but it hasn’t been enough for the pound to retain its gains against the greenback.
UK pound is falling today, dropping as concerns about continued quantitative easing keep Forex traders cautious about the pound. Earlier in the session, GBP/USD reached as high as 1.5369, but the pound has since fallen below the 1.5300 level. Retail sales were less weak than expected, and that gave the pound a boost.
But focus quickly shifted away from that data. Even the hawks on the Monetary Policy Committee are starting to express an interest in more quantitative easing, and that doesn’t bode well for the pound in the future.
Additionally, it’s worth noting that the UK pound isn’t even really a focus of currency traders right now. It’s not a currency that many are watching for. A lot of the focus right now is on the dollar, euro, and yen. Pound is only higher against the yen on the Asian currency’s weakness.
At 15:43 GMT GBP/USD is down to 1.5254 from the open at 1.5279. EUR/GBP is up to 0.8574 from the open at 0.8540. GBP/JPY is up to 151.4630 from the open at 149.9950.
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