Sterling jumps after comments from BOE Chief Mark Carney

September 27, 2013

The British pound surprised markets late in the Asian session by its sudden jump from a clam session to surge above $1.61. There were reports that the move was due to a quote made in UK newspaper, the “Yorkshire Post”, by Bank of England governor Mark Carney. 

Carney was quoted as saying that he does not see a case for more QE (quantitative easing usually tends to weaken the pound)

GBPUSD broke out of a tight range where it hovered around $1.6033, to soar to above $1.6100 in early European session trading.

In other currencies, most majors were little changed in the Asian session. The dollar held steady, thought slipped against the yen.

The Japanese currency gained strength after comments from Japanese Finance Minister Taro Aso today when he said that he does not think there will be an immediate corporate tax cut. 

This sent Japanese equities falling, since without a tax cut, corporations could not be as profitable. When Japanese stocks fall, yen usually rises since they are inversely correlated.

USDJPY dropped some 40 pips from a session high of 99.02 yen down to key support at 99.55 yen by the end of the Asian session.

Also limiting dollar gains is the uncertainty over the US Federal Budget debate, and the looming US government shutdown, unless a deal is reached before October 17.

Euro was steady, with EURUSD trading as high as $1.3502  late  in the Asian session high before consolidating around $1.3496. 

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