Euro-Sterling unchanged on news
Despite the encouraging economic data out of Europe it only stirred a muted response from the markets, with Sterling trading a little down on the Euro yesterday. German business figures came in positive with a consecutive rise over the last three months which saw the Euro advance against the Greenback gaining 80 pips or more.
The Pound stays almost unchanged against the US Dollar this morning as we wait for the release of data this afternoon. The only interesting figure out of the US so far is the number of individuals filing for initial unemployment benefit over the past week increased by 7,000 to a seasonally adjusted 343,000, compared to expectations for an increase of 6,000 to 340,000.
Next week, a report will show an increase in UK mortgage approvals, from 58,200 in May to 59,200 in June, the highest in more than five years. Yet despite a continuous stream of positive data none of it is viewed as positive enough to make an impact on the value of the Pound. In fact the average quarterly growth since figures began sits at 0.64% so a figure of 0.6% is hardly enough to excite anyone.
GBP/EUR now trading around 1.1590. GBP/USD pushing to the 1.5400 level and EUR/USD at 1.3280.