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11 Mar 2014
Flash: GBP/USD lead by cross action - OCBC Bank
FXStreet (Barcelona) - Emmanuel Ng, FX Strategist at OCBC Bank notes that GBP/USD has been affected by sustained cross plays after Central Bank commentary hit the market.
Key Quotes
“GBP/USD fell on cited sustained cross plays (EUR/GBP) after last week’s ECB meeting while the BOE’s Bean stated that any further appreciation of the GBP “would not be particularly helpful”.”
“Bean also sought to discourage market speculation that a first rate hike in the spring of 2015, stating that inflation would likely undershoot its medium term target. UK industrial production numbers are due later today and the pair may continue to capitulate towards the 1.6600 area in the near term.”
Key Quotes
“GBP/USD fell on cited sustained cross plays (EUR/GBP) after last week’s ECB meeting while the BOE’s Bean stated that any further appreciation of the GBP “would not be particularly helpful”.”
“Bean also sought to discourage market speculation that a first rate hike in the spring of 2015, stating that inflation would likely undershoot its medium term target. UK industrial production numbers are due later today and the pair may continue to capitulate towards the 1.6600 area in the near term.”