SUBSCRIBE TO FEEDSterling heads higher in currency trading
The U.K. pound is rallying today in forex trading on the currency market. An improving picture in the British economy is helping give the sterling a boost in currency trading.
Britain saw a lower claimant count than expected, indicating that the jobs situation could be improving. Indeed, employment for the three months leading up through May saw a good pace.
GFT’s Boris Schlossberg reports in FX360 on the possibilities for the sterling in currency trading:
While we believe any expectations of monetary tightening by the BOE are much too premature, today’s positive labor market results should prove constructive to sterling longs and the pair will likely target 1.5300 later in the day if risk appetite remains supportive into the North American session.
The euro is not seeing the same success today, though, as it struggles against the return of some risk aversion to the currency market.
See AlsoSterling in Currency TradingForex trading on the currency market
