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13 Aug 2013
Flash: GBP/USD poised for breakout on BoE? – Investec
FXstreet.com (New York) - For the most part it has been anything but a subdued day as major currency pairs traded within established medium-term ranges, only to pick up steam later in US trading, suggests Jonathan Pryor, Corporate Treasurer at Investec.
Key quotes
“The data feed has already begun today here in the UK, in some style, with the RICs housing survey shooting to its highest level since November 2006, whilst the all important new buyer enquiries balance rose to a three year high.”
“The Royal Institute of Chartered Surveyors also remarked that the strengthening in housing market conditions was a nationwide phenomenon and not just one that is restricted to London and the South East. This figure has had little effect on the pound as the market sits on its hands prior to the inflation numbers but certainly contributes to the argument that the UK recovery is picking up. Ultimately GBP/USD action will be dictated by the events of tomorrow by the BoE.”
Key quotes
“The data feed has already begun today here in the UK, in some style, with the RICs housing survey shooting to its highest level since November 2006, whilst the all important new buyer enquiries balance rose to a three year high.”
“The Royal Institute of Chartered Surveyors also remarked that the strengthening in housing market conditions was a nationwide phenomenon and not just one that is restricted to London and the South East. This figure has had little effect on the pound as the market sits on its hands prior to the inflation numbers but certainly contributes to the argument that the UK recovery is picking up. Ultimately GBP/USD action will be dictated by the events of tomorrow by the BoE.”