Afternoon Report: 17.45
- We’re in prime summer trading territory right now and volatility has dropped off as a consequence. Stock markets have inched higher, but the real movement today is on the British pound, which has rallied well. It was well telegraphed that Bank of England governor King would downgrade the UK’s growth forecasts, but this prognosis seems doesn’t seem to be quite as bad as expected.
- The pound has rallied well, especially against the euro, with the EUR/ GBP down 0.5%. The GBP/ USD is up 0.27%.
- By contrast the euro is having an off day, with the EUR/ JPY down by 0.44%