U.K. pound lower in currency trading
The U.K. pound is having a difficult day in currency trading on the FX market. Indeed, the sterling is down against both the dollar and the euro in forex trading.
Right now, the U.K. pound is struggling against a lower stock market, as well as coming to the reality that the euro zone is poised to expand at a faster rate than the British economy. GFT’s Boris Schlossberg reiterates this in FX360:
As we noted earlier, “With the market already primed for a good number, today’s IFO data was not extraordinary enough to propel the pair to new yearly highs. Nevertheless, today’s IFO news does suggest that the EZ economy will expand at faster pace than UK…
The German Ifo has come in, and it is doing much better than expected. And things are looking a little better for the U.S. economy as well. It is little surprise that the U.K. pound is have trouble in currency trading.
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