• British Pound Rallies On Data
  • British Pound Rallies On Data

    David Sumner | 08:00 | 06/05/13
    The British Pound rallied for the second week in a row versus the U.S. Dollar as economic calendar releases showed that data surpassed expectations and raised speculation ...

The British Pound rallied for the second week in a row versus the U.S. Dollar as economic calendar releases showed that data surpassed expectations and raised speculation that growth is gaining momentum. The Sterling rose to an 11-month high against the U.S. currency after figures indicated that everything from construction to business confidence and manufacturing exceeded predictions. According to Friday’s reports, the gauge of services went up in April and the average home prices in Wales and England sustained the largest hike in three years.

Meanwhile, gold Futures reached a three-week high before erasing gains and finished the week more or less unchanged once metrics revealed that the U.S. employment sector improved more than forecast last month. Gold traders turned bearish after market investors sold a record high amount of the precious metal. Gold Futures for June delivery settled at $1,461.75 a troy ounce on the Comex Division of the New York Mercantile Exchange.

Other Forex currency trading news showed that the Euro advanced versus the greenback after better than predicted employment figures for April fueled demand for high-yield assets. The U.S. Department of Labor announced that the economy added 165,000 payrolls, while economists only expected an increase of 145,000. However, the shared currency trimmed early earnings as the Institute of Supply Management issued metrics denoting that the U.S. service sector grew at the slowest rate in nine months. The Euro currency recouped its footing once a senior central bank official played down the fact that the bank may inflict a negative deposit rate on financial institutions.

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