GBP/USD: testing below 1.3000 - Scotiabank
|Analysts at Scotiabank explained that BoE MPC member McCafferty’s dovish comments pushed Cable below 1.30 in early Asian trade and poor trade data helped sustain downside pressure on the pound through London dealing.
Key Quotes:
:McCafferty’s remarks, suggesting that more easing was likely if the UK economy slowed in line with initial post-Brexit survey signals, did not provide any more insight beyond the policy outlook framed by Governor Carney last week, however.
UK data reports reflected in line with expectations industrial production at +0.1% for June (but weaker-than-forecast manufacturing at -0.3%). The trade deficit was an uncomfortable blow out at –GBP12.4bn."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.