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Sterling loses nearly half of yesterday's gains

World stocks pull back from 7-week highs..

Well done to those who sold GBP yesterday in what was a crazy busy day for us at HQ. We hope to see the Pound trading at similar 'dizzy heights' again soon, but for now Sterling has dropped off 0.5%+ across the board today. Overbought territory is mainly to blame, but also a stumble in stock markets.

Yesterday saw the release of some US data that investors have interpreted as potential trouble ahead. Job openings in February fell to the lowest level in almost 2-years, which had followed weaker than expected manufacturing activity.

Poor US numbers are generally interpreted as bad news for the world economy and so sentiment for now has turned negative once again and that means safe-haven currencies get bought (not GBP)..