Forex: GBP/USD – Sterling largely unmoved in New York

on Jul 26, 2013
Listen Friday July 26th: The pound has today stayed close to yesterday’s highs, to be trading at 1.5417 ahead of the opening in New York. Demand for the British currency has been supported by continuing signs of improvement in the UK’s economy.

Late yesterday, the pair hit 1.5434 after a positive UK GDP report and a weak US jobless claims update.
So far in today’s American session, with more dollar buyers now active, the quote has eased back to 1.5393.
The UK’s National Statistics Office yesterday reported the preliminary reading of second-quarter GDP at growth of 0.6 percent which, after the 0.3 percent expansion in the prior quarter, added to the picture of a recovery that is gathering pace.

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According to the US department of Labor, also yesterday, first-time applicants for regular state unemployment insurance benefits rose by 7,000 last week (ended July 19) to a seasonally adjusted 343,000, worse than expectations for 340,000 and up on the prior week’s 336,000.
Continuing insured unemployment claims fell by 119,000 to a seasonally adjusted 2.997 million in the prior week (that ended July 13), from 3.116 million in the week before.
Trading in the pair today has generally been quiet, reflecting the untypical absence of influential releases on the fundamental calendar. All that remains is the final reading of the Thomson Reuters/University of Michigan Consumer Sentiment Index, due out at 15:00 BST.


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