Cable Rally Loses Steam in Forex Trading

Currency trading with sterling

Earlier today, cable rallied on the prospect of a possible Tory victory in Britain. The pro-business Tories are favored by some, and considered as likely to get the country back on track.

However, the campaign isn’t over yet, and concerns about the sterling remain. As a result, the cable rally has lost steam against the U.S. dollar in currency trading, and is now back in losing territory.

Indeed, even as the U.S. dollar weakens against the euro and the yen in forex trading, it is gaining against the U.K. pound. Public debt concerns continue to plague the sterling, and will until even more proof of an improving economy is seen.