UK’s trade balance

Published on in Foreign Exchange News by

Sterling remained steady in early trading, holding on to gains made after Mervyn King played down the possibility of a further interest rate cut.

Yesterdays quarterly inflation report heard the Bank of England Governor argue that such a move would damage some financial institutions and as a result be “counter-productive” going forward. However, many analysts believe gains made by the pound may be caused by a knee-jerk reaction by investors who had anticipated a clear signal of additional monetary easing in the coming months.

Either way Sterling rose 0.6% against the Euro and Dollar after the report and despite a widening of the UK’s trade balance, announced earlier this morning, continues to trade at the same level today.

Main Currency Pairs * Yesterday Today
GBP/EUR 1.25900 1.26860
GBP/USD 1.55900 1.56550
GBP/CAD 1.55380 1.55540
GBP/NZD 1.91400 1.92600
GBP/AUD 1.47610 1.47910
GBP/AED 5.72620 5.77900
EUR/USD 1.23820 1.23390
GBP/CHF 1.51120 1.52280
GBP/ZAR 12.7633 12.8717
GBP/SEK 10.4320 10.4932
GBP/JPY 122.050 122.566
GBP/PLN 5.14380 5.18570
GBP/SGD 1.93840 1.94920
EUR/PLN 4.08830 4.09050
EUR/CHF 1.20110 1.20120
GBP/MAD 13.8900 13.9710
PLN/EUR 0.24460 0.24450
GBP/CZK 31.6400 31.9130
GBP/DKK 9.36660 9.43690
GBP/HKD 12.0840 12.1297
GBP/HUF 349.320 352.345
GBP/NOK 9.20540 9.25960
GBP/INR 85.7700 86.6633
GBP/THB 49.0620 49.2939

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