Excerpt from: Forex Forecast
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| August 30, 2010 | | Sterling gains in forex trading | Sterling is making solid gains today in currency trading on the FX market. The U.K. pound is strengthening on improved economic news, and the fact that Britain's economic position seems less precarious than the U.S. position.
Action Forex offers this interesting comparison between the U.S. and Britain:
[T]he Cable is also benefitting from a revised GDP which was a basis point
above analyst expectations. King has been more hawkish than Bernanke
and the UK's solid economic performance allows the BoE to maintain its
neutral stance as the Fed widens.
Ben Bernanke's pledge on Friday that the U.S. economy will be propped up seems only to indicate that weakness remains. However, more economic data is expected out of Britain and out of the U.S. tomorrow, and that will provide forex traders some food for thought as they continue to decide between the sterling and the U.S. dollar.
| Topic Tags: Ben Bernanke, currency trading, forex traders, forex trading, FX market, Mervyn King, sterling, U.S. dollar | |
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