The GBP/USD pair is falling on Thursday; yesterday’s good news wasn’t enough. The current quote for the pair is 1.3154.
There was no significant news, which might mislead the Pound from its “good mood”. It looks like the situation was like “the pair can’t be too good, because the brexit will catch up again”. Nevertheless, the instrument didn’t leave the trading range between 1.3040 and 1.3400 for two weeks.
Today’s statistics indicated that the automobile manufacture in the United Kingdom in June increased by 10.4% y/y and was the highest over the last 16 years. In the first half of 2016, the UK produced additional 13% of cars in comparison with the same period of 2015. According to the Society of Motor Manufacturers and Traders, market prospects are still quite dim because of the brexit referendum in late June. By the way, the export demand isn’t falling so far, and the domestic demand for cars is also rather positive.
The American regulator, the meeting of which was over last night, decided to take the same attitude as the Bank of England and the European Central Bank did earlier: to watch and not to be in a hurry taking decisive actions. This might have supported the Pound, but the market decided not to bother.
RoboForex Analytical Department
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