Sterling mostly flat against dollar after data

Economies.com
2017-11-21 17:00PM UTC

Sterling tilted lower in American trade while still holding above 1.32 versus the dollar for the third consecutive session, following earlier data from Britain and the US, and as markets look forward to Federal Reserve Chair Janet Yellen's speech in New York.

 

As of 05:34 GMT, GBP/USD rose 0.02% to 1.3238 from the opening of 1.3235, with an intraday high at 1.3267, and a low at 1.3210. 

 

Earlier UK data showed net public borrowing rose to 7.5 billion pounds from 4.4 billion in September, while analysts expected 6.6B. 

 

Otherwise, the British Parliament held a session to hear the inflation report, with policymakers still expecting inflation to reach an upward limit by the third quarter of 2017.

 

Bank of England Deputy Governor Bin Broadbent said during the hearing that it's better to wait for stronger indications of wage growth before tightening the monetary policy and raising interest rates, noting his own private positions don't hold for a specific scenario for Brexit.  

 

Other BoE members noted that it's better to wait for all conditions to converge before hiking rates, noting that economic projections go along with steps of monetary tightening, and noting that inflation will reach an upward limit if energy prices and sterling stabilized only. 

 

Other members in the hearing asserted that economic developments will direct the pace of monetary policy, adding that central banks can't give solid promises on interest rates, and asking for time and patience. 

 

Otherwise, US existing home sales rose 2.0% in October to 5.48 million units, compared to a 0.4% rise in September to 5.37 million, while analysts expected a 0.2% increase to 5.40 million. 

Forex and Currency News

EUR/USD news

Forex

Euro declines to five-week trough amid thin trading
2024-03-29 08:19AM UTC
Euro Decline Amid Holiday Thin Trading Euro declined in European trade on Friday against a basket ...
Forex News

Forex

Dollar hits six-week high ahead of US growth data
2024-03-28 11:38AM UTC
US Dollar's Rise in European Trade The US dollar rose in European trade on Thursday against a ...
EUR/USD news

Forex

Euro sharpens decline to five-week trough on the interest rate gap
2024-03-28 08:30AM UTC
Euro declined in European trade on Thursday against a basket of major rivals, sharpening losses for ...

Forex Technical Analysis

USD CHF Analysis

Forex

The USDCHF price faces temporary negative pressure – Forecast today - 29-03-2024
2024-03-29 01:48AM UTC
USDCHF Price Analysis Expected Scenario: Bullish Trend The USDCHF pair rebounded bearishly ...
NZD USD Analysis

Forex

The NZDUSD price keeps its negative stability – Forecast today - 29-03-2024
2024-03-29 01:47AM UTC
NZDUSD Price Analysis Expected Scenario: Bearish Trend The NZDUSD price remains below the ...
AUD USD Analysis

Forex

The AUDUSD price awaits confirmed break – Forecast today - 29-03-2024
2024-03-29 01:47AM UTC
AUDUSD Price Analysis Expected Scenario: Bearish Momentum The AUDUSD price failed to sustain ...