The Sterling started off Monday on a weaker foot but it did find some balance and managed to climb from its lower depths. The EUR centric storm clouds persist for the GBP, but there is also U.K. economic data that takes precedent from time to time, even in the midst of a risk adverse outlook. The British government yesterday began to announce austerity measures in order to make its bottom line more stable and this includes large public sector spending cuts. The BRCS Retail Sales Monitor was published yesterday and managed a climb of 0.8%, not huge by any measure, but at least a gain. Today the Nationwide Consumer Confidence reading is on the calendar and the number expected calls for a slight improvement over the previous report. Tomorrow Trade Balance statistics will be brought forth and on Thursday the BoE will get into the act. The Sterling may find itself in a range today that could prove opportunistic and catch the attention of traders who have risk appetite.
Written by bforex.com
