Pound Takes Recession in Stride

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Yesterday’s GDP data confirmed that the UK economy has entered a technical recession and led to an immediate sell-off in Sterling. However, the currency recovered against the majors as speculation of QE3 in the US gained momentum after the Federal Reserve (Fed) indicated that it is ready to add more stimulus if required. The “risk on” sentiment has continued in today’s trading session with consumer confidence in the UK registering a sharp improvement. Markets are keeping a tab on a raft of Eurozone confidence indices, whilst regional manufacturing, jobless claims and pending home sales data in the US are due later today.

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Pound Takes Recession in Stride

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