Sterling little changed in an uneventful morning part of the session

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Thursday, Apr 16 2015

With no major data releases both yesterday and today, from the UK, traders are more focused on US reading and global concerns.UK political news could encourage some movement in the Pound Sterling exchange rate, but investors are more likely to be looking ahead to Friday and the publication of the UK’s latest batch of employment/wage growth figures.

Despite rather weak CPI figures, that showed no change in March, and with deflation fear growing, Sterling managed to break higher on rather weak recent US Retail Sales and Industrial Production data, which indicates slowing in US economy which could lead to a further delay in rate hike, which is now anticipated at the June meeting.

Sterling is currently being traded around 1.4850 area. Pair is likely to find support around 1.48 handle and resistance above 1.49 handle. Later today, in the US session, Building Permits, Housing Starts, Unemployment Claims and Philly Fed Manufacturing Index figures are scheduled for a release.

More in this category: « Euro lower in a steadier European part of the session USD lower after weaker than expected Unemployment Claims figures »

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