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Sterling higher in an uneventful European part of the session

Wednesday, Feb 11 2015
Sterling edged higher in the European part of the session and in is currently being traded around 1.5280 area. Pair edged higher during the yesterday's session supported by 0.1% increase in industrial production, which proved that despite falling inflation, economic growth remains stable with constant decline in number of unemployed.Though we cannot expect interest rate hike before the end of this years since inflation concerns still prevail as well as parliamentary elections being scheduled for May, according to BoE Governor Mark Carney we can expect that interest rate raise will happen in foreseeable future. 
 
With no major data releases today, markets are focused on a possible six-month extension to Greece’s existing bailout program that should be discussed today at an emergency meeting of the euro group of finance ministers. Also, Ukraine crisis is still in focus as one of the major global concerns. President Vladimir Putin will go to Minsk for peace talks to negotiate a truce in Ukraine as Russia signaled a deal is likely and France said discussions are focused on the degree of autonomy for rebel-held eastern regions after 10 months of fighting.
 
Pair is likely to find support around 1.52 and resistance above 1.53 handle. There will be no data releases in the US session so we can expect steadier rest of the session.
More in this category: « Tsipras won a confidence to cancel bailout programme Aussie lower in a less eventful Wednesday's session »

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