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Positive Fundamentals Do Not Help Pound Again

August 9, 2013 at 13:33 by Vladimir Vyun

20-pound banknotesGreat Britain released yet another positive macroeconomic report. Yet, as it often was happening lately, favorable fundamentals did not help the pound, which fell against other major currencies today.

Britain’s trade balance deficit shrank to £8.1 billion in June from £8.7 billion in May. Forecaster predicted a deficit of £8.4 billion.

Most of UK macroeconomic data was fairly good. Mark Carney said that the central bank will reduce inflation, which was above the bank’s target. Yet the sterling was showing tendency to fall even amid good news and it did so again today. Nevertheless, the currency was heading to weekly gains against the dollar and the euro.

GBP/USD slid from 1.5536 to 1.5503 as of 13:33 GMT today. EUR/GBP was little changed at 0.8612, while GBP/JPY headed down from 150.23 to 149.44.

If you have any questions, comments, or opinions regarding the Great Britain Pound, feel free to post them using the commentary form below.

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