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Pound is performing well, in spite of strong dollar today. Other majors have moved into red from green in today's trading, while pound is still positive against dollar.
Pound is up 0.6% against Yen, currently trading at 193.88. Euro is down -0.90% against pound, currently trading at 0.697.
Pound is even up as much as 0.45% against dollar, trading at 1.562.
What might be behind pound's gain?
- Bets over rate hike by Bank of England (BOE) is clearly going up as Bank of England Governor Mark Carney indicated at various occasion this month. Market is finally warming up to the idea of higher rates from BOE.
- 2 year yield has moved up sharply from 0.618% to as high as 0.66% by New York session. However yield has now eased somewhat to 0.644%.
Expect pound to remain well bid against most pairs except dollar as long as yields remain elevated.
Economic dockets will now grab prime attention, especially inflation numbers and employment.
