The
pound’s world beating rally is on hold before Bank of England
Governor Mark Carney presents the quarterly Inflation Report today,
the pound fell against the U.S. dollar, as an industry report showed a gauge
of retail sales unexpectedly rose by the most in three years in
April.
The
pound slid 0.2% to $1.6824 before rising to 1.3831 during the morning session.
The U.K. currency has rallied in the past month as traders bet stronger growth
will lead the central bank to bring forward its plans to increases rates.
Derivatives based on the sterling overnight interbank average showed
expectations policy makers will increase rates by 25 basis points in March,
compared with April as recently as last week. The Bank of
England’s benchmark interest rate has been at a record-low 0.5
percent since March 2009.
A
report today will show the U.K. unemployment rate dropped to 6.8% in
the three months through March, a more-than five-year low, according the
estimates. Carney is also scheduled to present the central bank’s quarterly
Inflation Report, which will include updated economic forecasts.
For reports and more visit us at www.ICMBrokers.com
For reports and more visit us at www.ICMBrokers.com
No comments:
Post a Comment