The amount of Great British pounds (GBP) in circulation domestically in the United Kingdom, and deposited in local banks, grew a meager 0.1% this past month, below expectations for a 0.3% increase, month-on-month.
The report released on the M4 Money Supply this morning by the Bank of England (BOE) does not tend to have much impact on the currency market, but it struck me as interesting that the amount of GBP held locally shrank in June. The data lines up well with the ominous Current Account published yesterday that revealed a sharp increase to the nation’s trade deficit; indicative of a movement of local currency away from its home market.
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Greg Holden is the Chief Market Analyst at ForexYard. Greg uses his detailed knowledge of fundamental and technical analysis to provide some of the leading market forecasts in the forex world today. A guest lecturer at forex symposiums and Chief Editor of ForexYard's analysis center, Greg brings highly detailed and easy-to-use market analyses to his clientele. He has been published on ForexYard's Trading Blog and affiliate websites. Greg holds degrees in Political Science and Economics from Missouri State University, as well as a Masters degree in Middle Eastern History.
