For all the headlines it’s been a rather lacklustre 24 hours for currencies. The dollar is marginally stronger thanks to a strong set of US macro data out yesterday. Durable goods orders rose in October, catching analysts off guard, while GDP growth in Q3 was revised upwards to 2.1% from 1.9%. In a world of slowing economic growth stable is the new up.
Sterling initially gained slightly on a report out overnight by YouGov predicting that the ruling Conservative Party is on track to win a significant majority at the 12th December general elections. But sterling has this afternoon given back these modest gains, with GBP/USD ultimately remaining stuck below 1.30. Markets are seemingly still taking opinion polls, however credible, with a large pinch of salt.
