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Fighting talk from the Pound
19 March 2014

Painting a picture of the currency markets this week would show losses for the GBP and ground taken back across the rest of the major currencies. Negative CPI did not help the cause for the single currency, the market did pick back up throughout trading, leaving the pound with a loss close to half a cent against the Euro. Across the pond things seemed to take a more positive outlook with Industrial Production data out showing it up at 0.6% originally pitched at 0.1% which as you can imagine kept the pound gains on hold for much of the day

At present it seems the pound is under increased pressure and indeed the last couple of weeks have been a tough journey with the pound losing almost 3 cents against the single currency and just over 2 cents against the greenback. It must be remembered though that we have had almost no data of note from the UK so to a large extent it has been all the Euro and Dollar that has been making any noise. But with the raft of data we have this morning the main question should be – can the pound fight back?

No matter what the challenge the pound always seems to claw back almost all of the ground lost against the major currencies, as we look ahead towards a data heavy day for the GBP. We enter early on in the day with Unemployment data and the Bank of England’s vote on Q.E. All eyes will be focused on the real trophy piece for the Chancellor of the Exchequer, George Osbourne as he unveils his 2014 budget.

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