The monetary unit of the U.K. was moderately changed on Friday against the world's reserve currency as the central bank prepares for a changing of the guard next month, according to published reports.
The pound held on to gains from a strong performance on Thursday against its cross-Atlantic rival, The Economic Times reports. Economic data noted that the U.K. economy is growing and additional measures that prompt development might not be needed.
Mervyn King is in the final days of leadership of the Bank of England, set to waltz into retirement and yield next month to Mark Carney who earlier this month left the same role at the Bank of Canada.
During King's final yearly speech at the Mansion House in London on Thursday eve, the outgoing governor said his successor will have his work cut out for him, Bloomberg reports.
"The future of banking will depend not only on changes to leverage but also on a greater degree of responsibility by all involved: the leaders of our banks, regulators and consumers," King said during the speech, according to Bloomberg. "We must restore trust in our banking system."
This material is conveyed as a solicitation for entering into a derivatives transaction.
This material has been prepared by a Daniels Trading broker who provides research market commentary and trade recommendations as part of his or her solicitation for accounts and solicitation for trades; however, Daniels Trading does not maintain a research department as defined in CFTC Rule 1.71. Daniels Trading, its principals, brokers and employees may trade in derivatives for their own accounts or for the accounts of others. Due to various factors (such as risk tolerance, margin requirements, trading objectives, short term vs. long term strategies, technical vs. fundamental market analysis, and other factors) such trading may result in the initiation or liquidation of positions that are different from or contrary to the opinions and recommendations contained therein.
Past performance is not necessarily indicative of future performance. The risk of loss in trading futures contracts or commodity options can be substantial, and therefore investors should understand the risks involved in taking leveraged positions and must assume responsibility for the risks associated with such investments and for their results.
Trade recommendations and profit/loss calculations may not include commissions and fees. Please consult your broker for details based on your trading arrangement and commission setup.
You should carefully consider whether such trading is suitable for you in light of your circumstances and financial resources. You should read the "risk disclosure" webpage accessed at www.DanielsTrading.com at the bottom of the homepage. Daniels Trading is not affiliated with nor does it endorse any third-party trading system, newsletter or other similar service. Daniels Trading does not guarantee or verify any performance claims made by such systems or service.