Forex Trading: Sterling News And EUR/GBP

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Forex Trading: Sterling News And EUR/GBP

By Greg Michalowski on July 6, 2009 | More Posts By Greg Michalowski | Forex News By FXDD

The Sterling is slightly weaker against the Euro in the early part of the Asian trading day, as reports over the weekend from the UK and a stronger USD are hurting the Pound. The UK’s Chancellor Darling is set to take on public sector employees to restrict pay in order to help reduce public debt. He added that the recession has been deeper than first thought when the spring budget was being put into place.

Also, the UK’s Shadow Monetary Policy Committee voted unanimously to leave the rate unchanged at .50% ahead of the July 9th rate decision from the Bank of England. With all this we have the EUR/GBP pair slightly better bid and approaching the 4-200hr moving average, which has defended the pairs appreciation since April.

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