Great Britain Pound Steady, Undeterred by Poor Economic Data

The Great Britain pound was steady today as the recent bout of poor macroeconomic releases did not deter investors from the currency.

The Purchasing Mangers’ Indexes for Great Britain released this week were universally disappointing. Yet it looks like they did not prevent market participants from expecting the Bank of England to perform monetary tightening in the not-so-distant future. While the sterling pulled back from the recent highs, it was still trading not far from the nine-month high reached against the dollar in May.

Traders will get a chance to react to the ADP private-sector payrolls report at 1215 GMT. The report is expected to show 185,000 private sector jobs were added to the economy in June. Traders often use this report to gauge the outcome of Friday’s headline number in the U.S. Non-Farm Payrolls report. This report is expected to show the economy added 179,000 jobs.

GBP/USD traded at 1.2953 as of 11:10 GMT today after opening at 1.2932. GBP/JPY rose from intraday’s low of 146.06 to 146.77.

This post was originally published by EarnForex