It was a relatively quiet economic docket yesterday as the US enjoyed a bank holiday in observance of President’s Day. Liquidity was light and therefore trends were slightly more embellished throughout the European trading session. GBP/USD rose half a percent against the Greenback as it continued in its tight trading range, whilst GBP/EUR ticked slightly lower throughout the day.
The only notable piece of data released yesterday came from the UK, in the form of the Rightmove House Price Index. The figure posted a better than expected 2.0% as house prices bounce back from last month’s reading.
In other news, the Greece bailout story is rearing its ugly head again, although, in a positive light this time. German finance minister Wolfgang Schaeuble has said the institutions in charge of Greece’s bailout have reached a “common position” on how to proceed. The Euro strengthened slightly after these comments as it appears to indicate that the deadlock between the EU and the IMF has been resolved.
Mark Carney testifies before the Treasury committee, after the Bank of England upgraded its economic forecast, while leaving its inflation forecast and interest rates unchanged.