UK pound is struggling this morning, weighed down by a touch of risk aversion even as the CBI survey comes in with better news.
The pound is under pressure today, even though the CBI Industrial Trends Survey showed a better performance, coming in at nine points higher in December than the reading in November. However, there is a little bit of risk aversion in the Forex market today.
European stocks are struggling, including the FTSE 100. The pound has been closely connected to stock performances in the past, and the general uncertainty isn’t helping. Indeed, even though there are improvements in the latest CBI data, there are concerns that the UK economy isn’t ready for a recovery.
For now, as a result, it is little surprise that the pound is struggling, losing ground to the US dollar, even though the losses are relatively small. Indeed, the pound is somewhat rangebound, struggling against the greenback, although it is a little higher against the Japanese yen, and paring losses against the euro.
At 13:37 GMT GBP/USD is a little lower, down to 1.6141 from the open at 1.6149. EUR/GBP is holding steady at 0.8096, which was the level at the open, and threatening to slip a little lower. GBP/JPY is actually a little higher at 134.6650, up from the open at 134.4850.
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