The English pound notched a sixth consecutive day of gains on Wednesday against the common currency of the European Union after economic data noted the regional jobless rate fell more than forecast, according to Bloomberg.
Marking its longest bullish trend since September of last year, the pound also gained amid confidence the Bank of England will move forward with efforts to push up borrowing costs. Indications about that denouement might come clearer following the speech of member Ben Broadbent with the Monetary Policy Committee addressing the English Parliament on Wednesday.
"The underlying message from U.K. Plc, aside from a few caveats, is that data remains robust across the board," head of currency strategy Jeremy Stretch with Canadian Imperial Bank of Commerce in London told the news source during the midweek trading session. "It remains a pretty positive environment for sterling. Euro-sterling has been biased towards the 80 pence threshold for some time and the data continues to point us in that direction."
The pound increased about 0.3 percent against the euro after touching its top level since the end of 2012 earlier during the trade session.
Reuters reports policy maker Ian McCafferty said earlier this week that the economy has more room to expand.
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.