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"In my assessment, the FOMC's failure to respond to weak inflation runs the risk of creating a harmful downward slide in inflation and longer-term inflation expectations of the kind that we have seen in Japan and Europe."
- Minneapolis Fed President Narayana Kocherlakota (based on CNBC)
Pair's Outlook
The British Pound continues to underperform against the US Dollar, as it has dipped below the 1.56 level today. The pair's bulls will have to wake up and to push the pair higher so that it would not reach the lowest level this year at 1.5542; however, there still is relatively high possibility of the pair approaching the level, especially, with the bearish weekly technicals.
Traders' Sentiment
As the Greenback became more expensive, the number of people believing it is overpriced relative to the British Pound has increased, namely from 56 to 58%. Concerning the orders, 56% of them are set to sell the Sterling against the US counterpart.
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