The UK pound outlook continues to be a sore point. Outlook is weaker for the sterling, with continued economic troubles predicted, and more stimulus expected.
Just about every aspect of the UK economy is showing deterioration right now. Growth is expected to remain sluggish, and the Bank of England is expected to continue stimulus efforts. While the asset buying program remains unchanged for now, many Forex traders and analysts expected more easing at some point in the relatively near future. Many Forex traders are also anxious to see what will happen with Mark Carney takes over as BOE governor this summer.
UK pound is struggling especially against the US dollar, which is gaining the upper hand as the economic situation in the United States contrasts sharply with what’s happening in the United Kingdom. The UK pound is also struggling against the Japanese yen. The euro is also gaining ground against the UK pound.
Amongst the major currencies, the pound appears to be the weakest — and it doesn’t look as though things are going to change anytime soon.
At 12:44 GMT GBP/USD is down to 1.4881 from the open at 1.4922. EUR/GBP is higher at 0.8734, up from the open at 0.8708. GBP/JPY is lower, down to 143.0810 from the open at 143.1850.
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