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Sterling still weak as Dollar gains strength

The data was priced by currency traders and as a result the UK sterling worked its way down to a low of 1.7667. Bank of England meets today to discus monetary policy and interest rates; despite current UK economy gloom interest rates are expected to be kept on hold. 

Poor data coming out from the Euro zone saw the Euro continuing with a year low of just under 1.44 levels. July Retail sales were down to -0.4% which left the euro on the back foot.

Traders will also be paying attentions to what the ECB governor does on the rate decision and his comments later on today. Overall the EUR/USD traded with a low of 1.4385 and a high of 1.4532. 

The Dollar impressed against the cable and other currencies round the world. Providing support to the greenback overnight was a government report showing U.S. factory orders for July had increased by 1.3 per cent. Oil closed down $0.36 ending in the NY session at $109.35 a barrel.

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