Forex: GBP/USD up slightly in quiet Asian trading

on Jul 22, 2013
Listen Monday July 22nd:_ During update-free Asian trading today, sterling remained stronger against the US dollar, with the pair rising to a two-week high at 1.5295. But ahead of the European opening the quote retraced to a current intraday low at 1.5262, falling 33 pips so far.

In the absence of any economic updates from the UK today, traders will likely be focused on the Chicago Fed National Activity Index for June which is due out at 13:30 BST, followed by the US Existing Home Sales Change data for June m/m, scheduled for 15:00 BST.
The two-day meeting of G20 Finance Ministers and Central Bank Governors finished on Saturday, with the communique stating that future changes to monetary policy will be “carefully calibrated and clearly communicated” and that tapering will also be “calibrated” to economic conditions.

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Friday was also a comparatively quiet day for the GBP/USD. The pair recorded an intraday low at 1.5195 and, with upward movements throughout the day, rose to an eleven-day high at 1.5280, a gain of 0.85 percent on the day.
The UK government’s net borrowing (excluding temporary support for banks) came out as a fall to £10.234 billion in June, some 20 percent down on the £12.770B billion logged in May. The number wasn’t good enough for analysts though – they’d been expecting £9.450 billion.


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