Forex News: Sterling Continues to Erase Losses as Euro Fails to Find a Spark

RELATED QUOTES

SymbolPriceChange
GBPUSD=X1.53910.00

The British Pound continued its rally higher today, apparently correcting some of the losses made in the 600 point decline that started at the beginning of the year.

The GBP/USD rally began when UK Nationwide House Prices were reported 0.5% higher in January, which was better than expectations for a 0.2% rise in house prices. Cable traders brought the currency 40 points above the 1.5800 line, and the pair is trading around 1.5816 at the time of this writing. A 5-month low recently set at 1.5674 could now provide support, while a broken support at 1.5840 could now provide resistance.

In Switzerland, the SNB released its fourth quarter foreign currency holdings. The SNB said Euro holdings increased from 48% to 49%, while the Yen holdings dropped from 9% to 8%. US Dollar holdings were unchanged at 28%.

In Germany, economic releases told two different stories about the economy. Retail sales dropped by a record amount in December, while a record number of Germans found work in January. However, neither release had significant effect on Euro price action in Forex markets.

Also in the Euro-zone, Greece retail sales dropped 16.6% in November from a year earlier, which is better than the 17.1% decline in October.

Later today, the Canadian GDP for November will be released at 13:30 GMT, 0.2% economic growth is expected.

GBPUSD Daily: January 31, 2013

Sterling_Continues_to_Erase_Losses_as_Euro_Fails_to_Find_a_Spark_body_gbpusd.png, Forex News: Sterling Continues to Erase Losses as Euro Fails to Find a Spark

Chart created by Benjamin Spier using Marketscope 2.0

--- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to bbspier@fxcm.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.
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Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.40880.000.00%
    USDSGD=X
    1.57510.000.00%
    EURSGD=X
    2.16840.000.00%
    GBPSGD=X
    86.40380.000.00%
    SGDJPY=X
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    2.96130.000.00%
    SGDMYR=X
    10,015.67580.000.00%
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    SGDCNY=X
    1.00940.000.00%
    AUDSGD=X
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    1,133.40+10.80+0.96%
    GCZ15.CMX
    14.57+0.14+0.96%
    SIZ15.CMX
    48.82+1.99+4.24%
    ^XAU
    2.35+0.02+0.94%
    HGZ15.CMX
    45.26+2.70+6.34%
    CLV15.NYM
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    Most Actives
    NamePriceChange% Chg
    0.122+0.008+7.02%
    5DN.SI
    0.520.00+0.97%
    N21.SI
    0.310.000.00%
    5WA.SI
    0.310.00+1.64%
    E5H.SI
    3.80-0.05-1.30%
    Z74.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.152+0.041+36.94%
    5MD.SI
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    5NF.SI
    0.205+0.036+21.30%
    NO4.SI
    0.42+0.07+20.00%
    AZT.SI
    0.25+0.03+16.28%
    A7S.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.205-0.095-31.67%
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    AXL.SI
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    5UA.SI
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    40R.SI
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    T08.SI