Day 257: Pound takes a pounding


Bank of England’s Governor Carney spoke today with some bad news. He said, “now is not yet the time to raise interest rates” , and soon the pound fell down sharply. His concerns about global inflation and volatility makes him wary about following U.S’s step on a rate hike. This makes me wonder when our 2nd hike would be? I’m guessing not anytime soon.

So I was short GBP/AUD since Friday but failed to make a killer profit. Unfortunately I had a good run with shorting the pair. As my profits were slowly rolling in, I moved my stop loss to secure my money. Without much luck, on Sunday when China’s data released, the GBP had a sudden spike up, closed my positions, and then headed down again. Looks like the pair is on a bounce, however, I re placed my shorts this morning and I’ll hold. Another pair I’m in is a long NZD/JPY trade. As market volatility calms, I feel like the Yen will come down a bit and the pair hit a nice support.

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