UK pound is a little higher today, gaining against major counterparts as Forex traders consider the situation. The economic situation in the United Kingdom is difficult, and there are still concerns about an exit from the European Union to weigh on the sterling in the future.
UK pound has been struggling in recent months, but today the sterling is getting a bit of a break. Sterling is higher against most of its major counterparts. However, these gains might be short-lived. Many of the recent economic releases missed expectations. Inflation isn’t meeting expectations set by the Bank of England for a rate hike, and employment data is mixed.
With all of this, plus the worry that Prime Minister David Cameron might not be able to create a deal that British citizens approve of to stay in the European Union, there are concerns about what could be next for sterling. A Brexit is a continuing concern — and one that keeps weighing on the sterling.
Forex traders will be watching for more indications of what the BOE might do next.
At 15:05 GMT GBP/USD is higher, moving up to 1.4357 from the open at 1.4289. EUR/GBP is lower, dropping to 0.7718 from the open at 0.7790. GBP/JPY is up to 163.5120 from the open at 162.6190.
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