GBP – Poor Data But The Sterling Shined

The Sterling enjoyed a good day of gains versus the USD on Thursday. This occurred even as the CBI Realized Sales report turned in a brutally bad reading of minus -18 compared to the positive 13 which was the estimate. The combination of a bad CBI publication and lackluster mortgage statistics earlier this week, somehow were accepted by Sterling and FTSE traders when looking at their performances yesterday. Many U.K. investors will be preparing for a long holiday weekend and because of this traders will have to be ready for surprises in volatility if speculative positions suddenly arise. The GBP finds itself within a weaker mode against the greenback, but yesterday’s chance in the sun should serve as a reminder that trading is seldom a one way avenue.

Written by