UK Pound Attempts Recovery against US Dollar
UK pound is attempting a recovery against the US dollar, heading higher as risk appetite makes an appearance today. There are no major economic announcements due for the United Kingdom today, but the news of inflation the in United States, plus corporate earnings, are helping risk appetite.
UK pound is improving its recovery attempts against the US dollar today. With producer prices rising 1.1 per cent in September in the United States, and with JP Morgan Chase seeing a profit increase of 34 per cent for the third quarter, there is a decent amount of risk appetite on the currency market right now. That is helping the UK pound, which often receives a boost against the US dollar when Forex traders are a little more interested in risk.
However, there are some things that could hold the UK pound back going forward. One of those things is the struggling economy. UK economic news continues to be lackluster, and there are worries that continued austerity will slow growth. With government austerity preventing spending that could kickstart the economy, the pound is likely to run into more problems later.
At 12:41 GMT GBP/USD is up to 1.6090 from the open at 1.6046. EUR/GBP is up to 0.8067 from the open at 0.8057. GBP/JPY is up to 126.0745 from the open at 125.6950.
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Earlier News About the Great Britain Pound:
- GBP Higher vs. USD, Loses Gains vs. EUR & JPY (2012-10-10)
- UK Pound Holds Its Own Against US Dollar (2012-10-05)
- Pound Gains as BoE Keeps Policy Unchanged (2012-10-04)
- UK Fundamentals Unexpectedly Bad, Pound Loses Strength (2012-10-02)
- Pound Down vs. Euro on Manufacturing PMI, Stable vs. Dollar (2012-10-01)