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Cable still favours pound in FX trading

16th July 2014

It's the British currency that still holds sway in FX trading's sterling-dollar pair, after data and comments from Janet Yellen conspired against the greenback.

The day started well for the pound with inflation jumping from 1.5 per cent in May to 1.9 per cent last month, just below the Bank of England's target. There was further evidence that the UK recovery is continuing strongly when house prices were found to have climbed by 10.5 per cent year-on-year in May.

It wasn't quite the same story in the States though, where data was decidedly mixed, to say the least. The highlight was New York manufacturing, which smashed expectations to hit a four year high, although national retail sales rose significantly less than anticipated.

The greenback did enjoy a bit of a boost in FX trading when Dr Yellen told Congress that overall the US economy is doing OK, but it still remains close to a five-and-a-half-year low against the pound after she added that interest rates won't be moving any time soon.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76.3% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.