4 Nov 2013
GBP sees some selling from intraday highs against EUR, USD
FXstreet.com (London) - Sterling has fallen from intraday highs after climbing steadily on strong construction output figures.
GBP/USD climbed to USD1.5978 on the latest piece of positive UK data as Marki construction PMI numbers showed UK construction output accelerated last month by the fastest pace in six years.
UK construction PMIs rose to 59.4 in October from 58.9 in September.
Sterling has seen some selling from highs, now at USD1.5959, up 0.17 percent on the day.
GBP/EUR has come in for choppier trading, climbing to EUR1.1808 before selling off to EUR1.1814, up 0.06 percent on the day so far. This is the fourth straight day of gains for sterling against the common currency, which has come under pressure following weaker-than-expected inflation numbers released last week along side high jobless numbers. The combination has fuelled speculation that the ECB may move to further cut interest rates from their already low levels.
Mario Draghi will be listened to closely when he speaks following Thursday’s ECB meeting. While he is unlikely to announce a rate cut or a further LTRO, he will likely keep the option open should conditions continue to stagnate or deteriorate.
GBP/USD climbed to USD1.5978 on the latest piece of positive UK data as Marki construction PMI numbers showed UK construction output accelerated last month by the fastest pace in six years.
UK construction PMIs rose to 59.4 in October from 58.9 in September.
Sterling has seen some selling from highs, now at USD1.5959, up 0.17 percent on the day.
GBP/EUR has come in for choppier trading, climbing to EUR1.1808 before selling off to EUR1.1814, up 0.06 percent on the day so far. This is the fourth straight day of gains for sterling against the common currency, which has come under pressure following weaker-than-expected inflation numbers released last week along side high jobless numbers. The combination has fuelled speculation that the ECB may move to further cut interest rates from their already low levels.
Mario Draghi will be listened to closely when he speaks following Thursday’s ECB meeting. While he is unlikely to announce a rate cut or a further LTRO, he will likely keep the option open should conditions continue to stagnate or deteriorate.