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Sterling finished Friday’s session lower at 1.6473. Earlier, it traded to a high of 1.6616, as consistent buying was seen across the board in early trade.
However, once that buy order was complete, the market came under pressure as risk appetite continued to suffer across global markets. In Asian trade, cable opened the session at 1.6465 and has since pushed higher to the 1.6483 level. In the week ahead, there is very little of note on the economic calendar for sterling. That means it is going to be at the whim of risk appetite as financial markets continue to struggle across the world.
The spotlight is going to be on the central bankers’ symposium in Jackson Hole, Wyoming where Federal Reserve chairman Ben Bernanke is set to speak on Friday. QE2 was announced at the summit last year and there are plenty of calls for QE3 to be implemented this time around, even though it’s likely to have a limited impact.
