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Daily News from Senior FX Analyst – Samuel Allen

Boe’s Miller stated this morning that “further asset purchases might be necessary” this rocked the boat momentarily and saw the pound lose value against most of the other major currencies. Sterling quickly regained those losses and proved its resilience by rising above resistance against the Euro, resting above 1.200 before momentum slowed.

Cable rose to a 5 month high to rest above 1.5600 GBP/USD today despite statements made by the Bank of England’s committee member Paul Fisher that downside global recovery risks have increased. He did also re-iterate his previous statement that the economic recovery has been under way since late 2009 and that it will continue to recover into the future in line with present estimates.

The reserve bank of New Zealand will announce this evening if they are raising their benchmark rate to 3% as anticipated.