Sterling hurt

dollar on Wednesday as perceived riskier currencies were under pressure on growing concerns about Spain delay in requesting a bailout.

But the UK canada goose currency losses were likely to be checked as it outperformed the buy canada goose jacket cheap euro. The canada goose uk outlet single currency has retreated from canadian goose jacket a three month high struck on canada goose uk shop September 14 to trade near its lowest levels in three weeks against the pound. The euro was lower on the day at 79.50 pence, not far from its trough of 79.36 pence.

The pound is likely to be helped by talk of farm subsidy payments due later in the week, which the European Union makes to the UK once a year. The subsidy could see around uk canada goose outlet three billion euros of flows into the Canada Goose sale UK, market players said.

Against the dollar, sterling was 0.1 canada goose black friday sale percent lower at $1.6165, retreating from a 13 month high of $1.6310 hit last week with bids cited by traders at $1.6150. Offers are layered above $1.6200/10, traders said. The pound recent gains have pushed trade weighted sterling index Canada Goose Parka trade to a two month high of 84.70 earlier this week.

risk off mood is settling over the markets and that is impacting sterling/dollar, said John Hardy, FX strategist at Saxo canada goose coats Bank.

the interesting move is in euro/sterling and it looks like the drop below 80 pence could see it ease back to 77.50 pence in the near term as progress by Spain towards a bailout remains in cheap canada goose uk doubt.

The canada goose factory sale European Central Bank plan to ease the region debt crisis by buying indebted countries bonds has supported the euro in recent cheap canada goose weeks. But the plan cannot be implemented until a country requests a bailout.

Spain Prime Minister Mariano Rajoy said in an interview he was ready to seek a new rescue package for his troubled country but only if its debt financing Canada Goose online costs remain too high for too long.

Spanish borrowing costs for 10 years rose to 6 percent on Wednesday. And there was cheap Canada Goose little respite for the euro zone fourth largest economy as the Bank of Spain warned buy canada goose jacket that gross domestic product kept Canada Goose Online falling at a rate in the third quarter of 2012.

EURO ZONE WORRIES Traders said the longer Spain takes to request a bailout, the more investors will turn jittery about riskier assets and currencies, including the pound. The Canada Goose Coats On Sale euro zone is the UK main trading canada goose uk black friday partner and the Bank of England has flagged risks to growth due to the debt crisis and Canada Goose Outlet austerity in much of Europe.

A survey on retail sales by the Confederation canada goose coats on sale of British Industry showed some uk canada goose improvement in September. The CBI distributive trades survey sales balance rose to +6 in September from 3. Analysts had forecast a rise to +5. The canada goose clearance https://www.canadagoosejackets7v.com expected sales balance for October jumped to +15.

But there was little impact on sterling from this with overall consumer spending in the UK still sluggish. The canada goose clearance sale UK economy has shrunk for Canada Goose Jackets three quarters, and while canada goose store recent data has suggested the economy may be rebounding, expectations of more easing by the BoE later in the year remain in place.

Further quantitative easing would be negative for sterling as it would increase supply of the currency.

UK GDP (final figures for second quarter) will be the focus and unless there is a significant upward revision, we do not expect sterling to progress much, said Richard Driver, currency strategist at Caxton FX.