Sterling Steadies Vs Dollar, Consolidates After Payrolls

(Fri, July 3, 2009) Sterling steadied on Friday as traders took some profits following its losses the previous day, when dismal U.S. payrolls increased risk aversion and pushed the pound to a one-week low versus the dollar.

The pound offered little reaction to data showing a slight fall in activity in the UK services sector, as the figure remained in growth territory. Analysts said traders would likely be in consolidation mode on Friday, while adding that the market would be focused on economic fundamentals this week, which sees more economic data and a policy announcement by the Bank of England.