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Pound steady after GDP data
The pound is trading at $1.7026, and has held onto the gains it made yesterday on the back of Mark Carney’s comments.
As Alastair McCaig noted, volatility is low and the Bank of England stated that any interest rates will be gradual and limited. This moderately hawkish stance has kept the pound around the $1.7 level, and $1.71 seems a long way off.
The final reading of UK Q1 GDP was in line with the initial reading of 0.8%. The US will announce its consumer sentiment reading at 2.55pm (London time), and the consensus is for a reading of 82.2. A strong figure could pull the pound below $1.70 mark.
Looking to next week the bias is to the upside for sterling, and it is receiving support at $1.70. It could creep up the $1.7050 level ahead of next Thursday’s US jobs report.