Sterling lower as Brexit concerns prevail

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Wednesday, Apr 06 2016

There were no major data releases from the UK today, with Sterling heading lower against USD. The latest UK service sector Purchasing Manager’s Index (PMI) from Markit, did reveal a rise in activity, but the survey also highlighted that the services sector is at its weakest level since the first quarter of 2013.

UK Banks will be forced to hold 1% of their assets in the lead up to the referendum on an exit from the European Union, which will be held on June 23, following the release of the Banks of England’s committee meeting minutes.This is in order to provide a shield to the UK economy if there is a no vote, that is almost certain to provoke ongoing uncertainty.

Sterling is currently being traded few points above 1.40700 level. Pair is likely to find support around 1.4020 handle and resistance above 1.4150 level.Later today, in the US session, FOMC Meeting Minutes are scheduled for a release.

More in this category: « German Industrial Production down by 0.5% Fed Debated April Hike as Several Argue Caution, Minutes Show »

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