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Credit Suisse immediate index exchanges might be pricing in almost 100bps worth of rate cuts by the Bank of England throughout the next 12 months. However, that was not a enough reason to stop the British pound from surging from in the early hours in the morning lows of 1.7914 to an inter-day high of 1.8388. Undeniably, a leap in risk-seeking movement directed carry trades higher, and with an interest rate of 5.00 %, the pound received quite a bit of notice. Looking further to the next week, GBP/USD price action would rely on news out of the US. UK releases such as: Right move house prices on Sunday, BBA mortgage loans on Tuesday, and Nationwide house prices on Thursday. The deterioration of the UK housing sector rivals that of only the US, and as a result, disappointing data could weigh on the British pound.
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Posted on Sep-23-2008
