Sterling in forex trading
UK pound is struggling this morning, finding it difficult to maintain its position in the face of more disappointing economic data. There had been hopes that the Olympics might help the economy, but so far the Games haven?t translated to better economic activity.
The latest housing data has been very disappointing. Home prices continue to fall, and there are indications that they will fall further. There hasn?t been much done to boost the economy, and austerity measures haven?t been very helpful.
For now, sterling is lower against the US dollar. Additionally, UK pound reached a one-month low against the euro. Until better news is heard (or the euro tanks on worries about the eurozone), the pound is likely to continue to struggle.?
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Source: http://oakshirefinancial.com/2012/08/07/uk-pound-struggles-in-currency-trading-on-economic-data/
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