wrapper

Sterling little changed at the beginning of Wednesday's trade

Wednesday, Apr 08 2015
Despite rather good figures lately and expectations on 0.7% GDP growth in first quarter, Sterling is under pressure by upcoming parliamentary elections. Also, with no major data releases today, investors are more turned to global concerns. The Bank of England has asked U.K. banks to put emergency plans in place to be able to absorb the potential shock from an escalation of the Greek debt crisis.
 
Minutes from the Financial Policy Committee’s latest meeting show the central bank believes the current turmoil in Greece is one of the biggest external risks to the U.K’s financial stability. Because of this, it is already working closely with the Treasury and bank regulator the Financial Conduct Authority to make sure contingency plans are ready. 
 
U.K. banks have significantly reduced their exposure to Greece since the height of the debt crisis, but they are still closely linked to other indebted eurozone countries, the FPC noted. That means a Greece-led shock to other vulnerable countries in the currency union could indirectly hurt the U.K. banking sector.“The Committee judged that, were Greece and its euro-area partners to be unable to reach an agreement, more significant effects could arise,” the FPC said in the minutes.
 
Pair is currently being traded around 1.4830 area. Pair is likely to find support around 1.48 handle and resistance above 1.4880 level. Later today, in the US session, FOMC Meeting Minutes are scheduled for a release.
More in this category: « USD - Major events in the week ahead German Factory Orders decreased 0.9% »

Latest from Editor

About Us

Forex Web News is part of Rolling Capital Network providing financial consulting.

Within the Forex Web News we provide our readers with expert and timely technical analyses, fundamental analyses and news; with one aim – for our readers to make best possible financial decisions.

Forex Web News desks and analysis department follow the international markets closely and create high quality proprietary content on a both daily and weekly basis.

.

All our analysts have several years of trading and analysis experience. The Forex Web News analysis team creates daily and weekly analyses and offer forecasts regarding where they believe the markets are heading. Our readers are provided with data displayed both in texts and on graphs, providing them the fullest understanding of what is happening in the market place.

We are constantly growing our news desks and our analysis departments as we strive to broaden the content we provide to visitors of the Forex Web News.

Disclaimer

Rolling-capital.com – The company, employees, subsidiaries and associates, are not liable nor shall they be held liable jointly or severally for any loss or damage as a result of reliance on the information provided on this website. The data contained in this website is not necessarily provided in real-time nor is it necessarily accurate. All prices herein are provided by market makers and not by exchanges. As such prices may not be accurate and they may differ from the actual market price. rolling-capital.com bears no responsibility for any trading losses you might incur as a result of using any data within the Forex Web News.