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Currency Market News

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Sterling take on the challenges
09 April 2014

What an interesting day we saw yesterday for sterling, continuing its push above the key resistance breaking points across the major currencies and sending a mass of data that came out better than expected. Starting the day industrial production figures came in at 2.7% for the year over the forecast of 2.2% whilst the monthly figure was just 0.9% rather than the predicted 0.3%, that gives us some very good improvements. Manufacturing production also sold its stake and came in above expected with the monthly figure up 7% and the yearly forecast up 0.7% standing at 3.8%


Back across the pond, the Canadian Dollar moving around 2% against the Pound, making transferring to Canada a little more expensive. Following the data from the UK in the morning, the Canadians released their housing market data showing a strong suggestion of economic stability within the country.


In the early hours of the morning we saw a raft of data released down under from the Kiwis. Showing a solid cent added against Sterling.  The AUD released the Westpac consumer confidence, which has shown a greater improvement. Taking up to half a cent against the GBP.


So can we see the Pound continue the push today after making good ground over the recent days or will the cost of transferring money abroad become more expensive if the Pound takes a tumble. Sterling should benefit from the IMF announcement, which predicts a strong growth, which is very positive for the UK. German trade balance is still falling short of the expected. The mo0ening trading looks likely to look at the stateside data from the Federal Reserve for some gains. So do keep in touch with our team to be ahead of the currency markets.

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