Against the US Dollar, the Pound traded close to the $1.32 level as market players await the beginning of the Jackson Hole economic symposium. The symposium, which starts later today, brings together central bankers from around the world to discuss monetary policy in the face of current fundamentals. Markets are anxious to hear from the heads of the US Federal Reserve speak and Bank of England who may, perhaps, offer hints as to the banks' policy framework and possible changes. Jerome Powell of the Fed speaks today and may discuss the current ultra-low interest rate environment as well as inflation challenges. Andrew Bailey of the BoE, though in a virtual speech, will discuss his findings tomorrow; besides the challenges of the Coronavirus pandemic, markets want to hear the central bank's plans for the Brexit.
In London trading as of 11:22 am, the GBP/USD was trading lower at $1.3203, a loss of 0.0053%; the pair has ranged from a high of $1.32300 to a low of $1.31933 in today's session. Against the Euro, the EUR/GBP is trading at 0.8953 Pence, up 0.029% and off the session peak of 0.89666 Pence. The GBP/JPY was lower at 139.98 Yen, up 0.0078%.
EU Data Releases Weigh on Euro
In the Eurozone, a number of data releases for Italy came out today; the figures for industrial orders and sales were generally mixed. Tomorrow, economic releases that have market-moving potential will be released. They include Germany's Gfk Consumer Confidence Survey for September which is expected to have edged higher to 1.2, off the previous -0.3 reading. August's Consumer Confidence survey for the Eurozone as a whole is expected to be flat at -14.7, while EU industrial confidence could show improvement to -14.3 (from -16.2). Currently, the EUR/USD is trading at $1.1819, down 0.0921%, and off the session high of $1.18502.