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GBP/USD unfazed by unexciting CBI data
The latest UK CBI (Confederation of Business Industry) distributive trades survey has just been released. Ahead of this the Pound had been edging lower versus the dollar this morning. The GBP/USD had closed in the US last night at 1.2625 and set an earlier high today, at 1.2639. The low since that high was set at 1.2606, but it was rebounding into this report. The CBI index stood at -24 in January. The February reading has just been released at -23 . This data does not always have much of an impact on the currency most of the time and so it remains to be seen how that will work out today. Given the rather benign outcome it may not either. The GBP/USD is currently trading at 1.2626
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