GBPUSD Pound Steady as BoE Holds Pat
- Buz Investors GBPUSD Pound Steady At 10:40 GMT, the pair is trading at 1.2447, with the Pound trading 0.24% higher against US Dollar from the New York close.
- On the data front, UK’s CBI industrial trends survey indicated that total orders remained flat on a monthly basis in December. The pair witnessed a high of 1.2453 and a low of 1.2383 during the session. Yesterday, the Pound traded 0.42% lower against the US Dollar in the New York session and ended at 1.2417.
- Immediate downside, the first support level is seen at 1.2369, while on the upside, the first resistance level is situated at 1.2531.
GBPUSD Pound Steady
GBPUSD Pound Steady GBP/USD has edged higher on Friday, after posting losses in the past two daily sessions. Currently, the pair is trading slightly above the 1.24 line. On the release front, British CBI Industrial Order Expectations climbed to 0 points, the first time the indicator has not posted a decline since March 2015. In the US, today’s highlight is Building Permits. The indicator is expected to remain steady at 1.24 million. There were a host of releases out of the US on Thursday. CPI and Core CPI both came in at 0.2%, also matching the estimates. Other key events looked sharp, as unemployment claims dipped to 254 thousand, while the Philly Fed Manufacturing Index surged to 21.5 points, well above expectations.
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GBPUSD Pound Steady
On Thursday, the BoE maintained interest rates, which have been pegged at 0.25% since August. As well, the bank’s asset purchase program remained at 435 billion pounds. The British economy has performed better than the BoE expected since the Brexit vote in June, which resulted in the bank dropping plans to cut rates in October. Instead, the bank adopted a neutral stance for monetary policy. With inflation levels rising, some analysts are predicting that the BoE could actually raise rates in early 2017. However, on Thursday the bank said that with the pound gaining strength since November (especially against the euro), inflation could weaken, which would lessen the need to raise rates.
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