Forex news and economic trading headlines 5 July 2016
Given a couple of negative UK headlines during Asia, and the possibility of the UK services PMI catching the same cold as the construction PMI yesterday, it was no surprise to see the pound on its backside once again as London opened. From sitting steady around 1.3240, we has a pretty swift move through 1.3200 to 1.3180 before slipping further to 1.3160. The PMI wasn’t didn’t miss by all that much and for a minute it looked like the quid was going to stabilise. It didn’t and the next stop was 1.3130 followed by the low at 1.3115 as the gaze switched to the BOE and Carney. There had been chatter that he might divulge some of the tools the MPC might be using but his FPC hat was stuck firmly on his head and (so far as he’s still talking) we’ve had next to nothing. That’s sent GBPUSD back up towards 1.3200 but it’s already run into trouble at 1.3190 and is back to 1.3164.
Forexlive European FX news wrap: Pound gets the Carney collywobbles to break Brexit low
