GBP – Halifax Data Today & Other Shadows

Consolidation greeted the Sterling on Thursday as it finished the day largely where it started as investors showed that they are quite tentative going into today’s jobless report from the States. The U.K. published the Services PMI and it came in with a reading of 55.4, which was below the estimate of 55.6. The Halifax HPI is on the calendar today and this will give insight into the housing market which remains under strain. The economic data from the U.K. continues to be a mixed bag and while politicians and officials try to ‘talk the market up’, the facts on the ground remain questionable and concerns abound about the ability to achieve a real economic recovery in this environment. Like the EUR, the Sterling faces possible headwinds coming from the shadows of the Sovereign Debt crisis and economic data which has been less than promising.

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