Forex Market News

Sterling Pound Traded Higher

Sterling pound traded higher by 0.27 percent yesterday as recent weakness in the currency prompted the traders to place fresh bets. However, light trading during the Christmas and New Year holidays has kept the Sterling Pound on the decline as investor focus upon the fact that the triggering of Article 50 is near.
There is fear in the minds of investors that UK would ultimately lose access to the EU’s single market. Despite the robust release of consumer confidence data from the nation, the Sterling Pound was unable to recover from its downtrend.
There are concerns that this uptick in confidence could be short-lived, with consumers likely bringing forward spending in anticipation of inflation rising further in 2017. Sterling Pound is expected to trade lower as the on-going Christmas and New Year holidays will keep the Sterling Pound on the decline as investor focus upon the fact that the triggering of Article 50 is near.
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