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Forex Flash: Sterling confined to tighter range against USD & JPY - BBH

FXstreet.com (Barcelona) - Brown Brothers Harriman analysts note that Sterling has been confined to a tighter range against USD and JPY, despite two supportive developments.

They add that first, the BRC shop price index rose 0.4% y fell 0.8% in April for a 0.4% gain on a year-over-year basis, the slowest pace in 3 1/2 years. This raises the possibility of lower CPI readings and perhaps greater discretionary spending potential. Second, they note that the auto industry association reported an impressive 14.8% y/y rise for new car registrations in April. This continues a string of better than expected UK data, including Q1 GDP and the PMI readings. They write, “While many other European countries are reporting soft data, the UK's firmness stands out. Sterling continues to trade firmly near multi-week highs, but the $1.56 area is proving quite formidable. Today, cable has been confined to yesterday's range, which was within Friday's range (~$1.5480-~$1.5602).”

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