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Forex pairs in this Article » GBP/USD (New York) - In the United Kingdom, the GBP/USD has recovered from the yesterdays 1.5350 low versus the dollar to open above 1.5430 this morning, notes Lee McDarby, Corporate Treasury at Investec.

It was a quiet day for UK data with BBA mortgage approval data as the only release of note. In addition, four members of the Monetary Policy Committee testified to the Treasury Select Committee. Whilst Governor Mervyn King makes his final appearance as central bank Governor as his tenure at the helm of the BoE draws to a close this week, all eyes will be on the other three members’ testimony all of whom recently voted against additional Quantitative Easing earlier this month.

Looking across to Europe, yesterday’s German IFO survey was in line with expectations, coming in a touch higher than last month’s print. News of Silvio Berlusconi’s conviction continues to raise tensions in markets as we await his appeal. “As a coalition partner to Italian Prime Minister Letta, it remains to be seen how the political ramifications of the decision will spread to the markets. With concerns over Greece and their finance situation re-emerging over the weekend, the uncertainty is likely to make markets volatile in the short-term at least.” McDarby adds.
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