UK Pound Mostly Higher Against Major Counterparts

Although the UK pound is struggling against some currencies, like the Aussie and the kiwi, it is seeing some success against the dollar and the euro. However, some Forex traders are starting shift into wait and see mode with economic data set for release later this week and with talk of a “brexit” from the European Union being entertained.

Right now, the sterling is seeing gains against its major counterparts, the euro and the dollar. However, UK pound is struggling against other currencies, including the yen, and the Australian and New Zealand dollars. With gold prices on the rise and with the Bank of Japan reluctant to add more stimulus right now, these currencies are gaining ground.
UK pound also has some uncertainty ahead. GDP and quarterly income are due out, and analysts expect to see no change in GDP figures and a fall for annual income. This stagnation doesn’t bode well for an end to the Bank of England’s easing programs. Also causing uncertainty is the heated debate over whether or not the United Kingdom should remain a part of the European Union. The BOE’s Mark Carney weighed in favor, but that hasn’t changed the debate.
At 12:47 GMT GBP/USD is up to 1.5336 from the open at 1.5318. EUR/GBP is down to 0.7179 from the open at 0.7182. GBP/JPY is down to 185.4840 from the open at 186.0450.

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