British Pound: Can the Gains be Sustained?

Thursday, January 1, 2009

After yesterday’s strong retail sales number and blockbuster recovery in the British pound, the currency continued to see a broad based recovery.

The outlook for the British pound has become extremely uncertain with a hawkish Quarterly Inflation report, strong retail sales and an upside surprise in employment conflicting with the dovish minutes from the most recent Bank of England meeting. That is why this week’s UK GDP, housing numbers and GfK consumer confidence will be very important because they provide more information on the recent health of the UK economy.

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