The British Pound is losing ground versus the Euro and US dollar once more, this as GfK reports that the UK consumer is undoubtedly gaining in confidence which we see as a long term pro for the UK currency. The outlook for GBP is dominated by tomorrow's PMI data and Bank of England decision.   

Highights:
@ 00:05: GfK reports a sharp increase in UK consumer confidence.
@ 09:23: The reason why sterling is in the dog box.
@ 10:13: Month-end and sovereign buying sends GBP/EUR yet lower
@ 13:31: US Dollar surges against British Pound
@ 16:30: The magic number from Manufacturing PMI to look out for tomorrow

August 28,2013

The highlight of today thus far is sterling's surge versus the Aus Dollar. Tuesday sees a continuation of currency marketing positioning ahead of next month's MPC decision due on Thursday. Thursday also sees the release of the first major economic release of the week in the form of Manufacturing PMI. We will thus be focused on sterling's technical levels and on data events in the US and Eurozone.

July 31,2013

The British pound faces data out of the Bank of England this morning. However, currency ranges remain tight and we would expect technical considerations to dominate the outlook until we get into the big data events of next week.

July 30,2013

The British pound sterling (Currency:GBP) is in consolidative mode on Friday morning. Trading will today focus largely on technical considerations owing to a lack of market moving data releases. We will also consider longer-dated exchange rate forecasts to get a sense of where the UK currency stands.

July 29,2013