Pound retraces this morning following yesterdays positive day (Mike Vaughan)

Following yesterdays very strong day the pound has retraced this morning pushing rates back into the 1.21s. This has come following the European Central Bank’s monthly report in which the ECB reiterated its stance on forward guidance and keeping base rates on hold at 0.25%. With worryingly low inflation levels rumours had circulalted that the ECB may consider cutting interest rates, however this report has quashed these rumours and the Euro has gained as a result.

Looking ahead to tomorrow should you have an interest in the Euro then watch out for Euro Zone GDP data at 10:00. Figures are forceast to show a good improvement which could again lend support to the single currency.

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