UK Pound Remains Mixed Against Major Counterparts

UK pound is mixed today, thanks to a lot of thought being given to the latest data points, as well as to interest in possible outcomes for the future of the UK economy.

Once again, the UK pound is in an interesting place. The latest PMI data surprised to the upside. However, inflation data, due out later this week, is expected to still be a bit low. As a result, there are expectations that the inflation data will not be sufficient to encourage the Bank of England to tighten its monetary policy any time soon.

There will be more data this week; indeed, this is a data-heavy week around the world, so there is a lot of wait-and-see associated with the currency market. Also, there is a bit of risk aversion weighing on the pound against some currencies, while the sterling gains against others.

It’s shaping up to be a fairly interesting week, and many Forex traders are interested to see what happens next.

At 13:51 GMT GBP/USD is lower, down to 1.6786 from the open at 1.6787. EUR/GBP is lower, dropping to 1.3353 from the open at 1.3385. GBP/JPY is a little bit lower, falling to 171.5400 from the open at 171.5600. GBP/CAD is higher, moving up to 1.8359 from the open at 1.8333.

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