Sterling little changed at the beginning of the week

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Monday, Dec 29 2014

There were no data releases from the UK today, however Sterling still remains on the downside as low inflation in the UK has pushed back market expectations of an interest rate rise as far as 2016. Another factor that added to the concerns is that UK unemployment was unchanged at 6.0% in three months to November, while decline to 5.9% was expected. Final GDP reading showed 0.7% growth in third quarter, but BoE is announcing a possible slowdown at the end of the year.

On the other hand Fed exit its quantitative easing programme and its now up to Fed policymakers to decided when interest rate hike will occur. At the moment labour market conditions are most closely watched and are showing signs of constant improvements. In addition to that US GDP grew by 5% in third quarter beating expectations on 4.3% increase.

Sterling is currently being traded around 1.5550 area. Pair is likely to find support around 1.5520 level and resistance above 1.5580. We can expect a steadier rest of the session as there will be no data releases from the USA.

More in this category: « Greece ahead of snap elections UK house prices rose by 0.2% in December »

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