GBP extends losses to dollar
by Brian Turner
The British pound extended recent losses against the U.S. dollar today as cable tested bids around the US$ 1.9400 figure after encountering selling pressure around the $1.9520 level. Technically, today’s intraday high was just below the 23.6% retracement of the move from $1.8515 to $1.9845.
Data released in the U.K. today saw the January annual consumer price index print at 2.7%, down from 3.0% in December and the largest fall since January 2003. RPI inflation growth decelerated to 4.2% from 4.4% and this is important because these data are utilized in wage negotiations. Other data released today saw CML December gross mortgage lending fall 14% m/m to ₤28.6 billion.
Traders await tomorrow’s quarterly Bank of England inflation report and labour market data. Cable bids are cited around the US$ 1.9340 level. The euro moved higher against the British pound as the single currency tested offers around the ₤0.6700 figure and was supported around the ₤0.6645 level.
Discuss this in the Finance Markets forums
Story link: GBP extends losses to dollar
Add to Bookmarks:
Related financial stories to: GBP extends losses to dollar
- Bank of England extends special liquidity scheme until January 2009
- HSBC extends guaranteed re-fix deal
- Sterling falls further against dollar
- Pound continues to decline against dollar
- HSBC extends Rate Matcher deal
- London markets see losses
- Dollar steady as trade deficit widens
- Dollar climbs to six-month high against euro
- US dollar drops sharply after banks sell dollar reserves
- US dollar strengthens against euro, yen
Previous: « Lloyds TSB Home Insurance – A History
Next: Dispute over British Airways pension plan »
Visited 454 times, 1 so far today
