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Currency Report 27/11 - UK GDP inline with forecast, Sterling on the Up

Currency Report 27/11 - UK GDP inline with forecast, Sterling on the Up

 
Old Nov 27th 2013, 9:59 am
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Default Currency Report 27/11 - UK GDP inline with forecast, Sterling on the Up

The current outlook for the pound is now very much positive with the pound posting some important gains against many different currencies. Mainly against Canadian Dollar, New Zealand Dollar and Aussie Dollar which are all posting very strong rates well above the recent averages. With such strong moves in a short period of time it is highly likely there will be lots of profit taking which will pull things back down, this could be a very good opportunity for anyone buying sterling to enter the market.

Positive GDP this morning has cemented sterling’s position against most currencies and with central banks globally threatening looser policy, it is only really the Bank of England which appears to be on a track to tightening policy. This of course could be years away but with other banks looking at more accommodative measures the pound is standing out and it is likely will strengthen further.

The ECB are looking at possible negative deposit rates, the RBA is actively seeking a much weaker currency and the Fed is largely committed to continuing the QE programme until the economic conditions improve of which we have seen not much hope so far.

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