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Sterling still in a downtrend

Friday, Mar 06 2015
Sterling is still in a downtrend, though there were no major data releases from the U.K. today. Pair is still influenced by mixed PMI figures, but what is more, market is likely to be choppy in the next few months ahead of elections in May. With elections in May, we cannot expect any monetary policy change in the months to come, and market are still weighing on falling inflation, despite recent statements of BoE members indicating there is no deflation threat.
 
Few moments ago Consumer Inflation Expectations data was released. Data showed that median expectations of the rate of inflation over the coming year were 1.9%, compared with 2.5% in November.
 
Sterling eased down  this morning and is currently being traded slightly below 1.52 handle. Later today, in the US session, NFP and Trade Balance figures are scheduled for a release. Until then pair is likely to find support at 1.5150 area and resistance above 1.5250 level.
More in this category: « Euro little changed in a steadier European part of the session NFP employment rose by 295,000 in February »

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