The Great Britain pound demonstrated solid performance this week as traders were betting on Scotland staying in the United Kingdom after the referendum about independence. Another important event this week was the Federal Reserve policy meeting that gave boost to the US dollar.
While there were concerns that Scotland may break away from Great Britain, the prevailing view this week was that the UK will remain intact. Such outlook was driving the pound higher. As it turned out, this view was correct, but the currency had spent much of its bullish momentum, losing steam by the weekend.
The Canadian dollar was another powerful performer on the Forex market this week. As for the US dollar, it was not weak either as traders reacted to the Fed’s announcement as if it was hawkish one even though the tone of the statement did not change that much compared to the previous months.
GBP/USD rose a bit from 1.6277 to 1.6299. The currency pair was very volatile during the trading week, demonstrating huge swings from the low of 1.6162 to the high of 1.6524. GBP/JPY rallied from 174.46 to 177.57, touching the high of 180.71 — the highest rate since October 2008. EUR/GBP slipped from 0.7963 to 0.7875, and its low of 0.7810 was the weakest level since July 29.
If you have any questions, comments or opinions regarding the Great Britain Pound,
feel free to post them using the commentary form below.
