Sterling Trades in Narrow Range
The pound traded within a narrow range against its two main counterparts, the US dollar and euro, on Tuesday as there was a notable absence of any economic data releases or political developments to tug the UK currency in any particular direction. In fact, it may be a fairly quiet week for the pound as there are no data releases to note from the UK.
However, we may still see some movement in GBP/USD and GBP/EUR as we there are important releases from both the US and the Eurozone. FOMC meeting minutes from the US tomorrow will likely cause some volatility in dollar crosses. From this side of the Atlantic, ECB monetary policy meeting accounts on Thursday and an ECB president’s speech on Friday will likely cause some movement in euro crosses. PMI data from the eurozone on Friday will also add to what may be a fairly choppy day for the single currency on Friday.