Forex: GBP/USD rises on US data and recover ground from previous losses

on March 18 2009 4:07 AM (Barcelona) - The GBP is rising against the USD on better than expected Feb current account and CPI data and the GBP/USD has jumped up more than 110 pips from 1.3874 to 1.3987.

Currently, the pair is trading around the 1.3970/80 band and it looks with bullish sentiment.

US Feb current account has reduced its deficit from the 181.3 billions to 132.8 USD billions, a better than expected data of 137.1 billion of current account deficit, reaching the smallest deficit in 5 Years.

CPI was posted at 0.4% between January and February and 0.2% year over year. CPI ex food and energy was posted at 1.8% in Feb, an increases from 1,7% posted in January.

The Cable has recovered some ground from its initial losses after the decreases from the 1.4060 to 1.3840 in the European session.

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