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5 Mar 2014
GBP/USD attacks daily highs at 1.6730
FXStreet (San Francisco) - The Sterling is trading higher right now against the US Dollar following the weak ISM non manufacturing PMI and BoC’s decision to maintain rates at 1% while removing reference to benefits of weaker CAD in its statement.
The central bank predicted that inflation would remain well below the 2% objective. As for GDP, it came in slightly stronger than projected in the fourth quarter of 2013 and now is expected to grow by 2.5% in 2014.
In the statement, the BoC removed references to benefits from a weaker CAD, "Mr. Market viewing that as a sign that the BOC has perhaps had enough of a weaker CAD," affirmed Jamie Coleman from FXBeat. "A bit surprising to me, the removal."
GBP/USD Sentiment
After a fast jump from 1.6700, the GBP/USD is testing again daily highs around 1.6732. Now the pair is trading at 1.6725, 0.35% positive in the day. The short term perspective is slightly bullish according to the FXStreet trend index in the 15-minute chart. MACD, CCI and Momentum are pointing to the north while the Stochastic is neutral.
The central bank predicted that inflation would remain well below the 2% objective. As for GDP, it came in slightly stronger than projected in the fourth quarter of 2013 and now is expected to grow by 2.5% in 2014.
In the statement, the BoC removed references to benefits from a weaker CAD, "Mr. Market viewing that as a sign that the BOC has perhaps had enough of a weaker CAD," affirmed Jamie Coleman from FXBeat. "A bit surprising to me, the removal."
GBP/USD Sentiment
After a fast jump from 1.6700, the GBP/USD is testing again daily highs around 1.6732. Now the pair is trading at 1.6725, 0.35% positive in the day. The short term perspective is slightly bullish according to the FXStreet trend index in the 15-minute chart. MACD, CCI and Momentum are pointing to the north while the Stochastic is neutral.