The Sterling like the EUR had another day of gains against the USD and this took place as inflationary data came out close to their estimates. The U.K. will publish its Unemployment Rate and Claimant Count Change numbers today, but investors appear more focused on taking advantage of risk appetite that has reemerged in recent days. It could be said that what is taking place among the GBP is that it is recovering value that was lost when a wave of fear struck its core via the Sovereign Debt crisis. The question is how long this ‘new’ momentum will last? The GBP finds itself at the stronger part of its weak range against the USD. The lack of fundamentally strong economic data from the U.K. has not hindered its upward momentum the past few sessions. Thus, today’s jobless numbers may play second fiddle to risk sentiment among the Sterling traders.
Written by bforex.com
