Sterling Drops vs. Dollar, Fares Better vs. Other Majors

As most other currencies, the Great Britain pound fell against the US dollar today after the release of non-farm payrolls. The sterling fared better against other majors, including the euro.
The dollar was simply too strong to be beaten by the pound due to the positive US employment data. Yet macroeconomic indicators in Great Britain itself were not bad either, as the Bank of England/Gfk NOP Inflation Attitudes Survey showed that inflation expectations rose to 2.2 percent in May up from 1.9 percent in the February survey. Yesterday, the Bank of England has conducted its regular policy meeting. As was expected, the central bank made no changes to monetary policy.
GBP/USD dropped from 1.5359 to settle at 1.5269 today, and its daily low was at 1.5199. EUR/GBP dropped from 0.7313 to 0.7276 after rising to 0.7359 intraday.

If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *