Sterling is now the best performing G10 currency this year, with +4.08%. The ING Economists analyze the outlook for the British pound.
Tuesday will set the tone in the short term for the British pound
The highlights for the British pound this week will be the release of April wages data and the May jobs report tomorrow. We believe that softer wage and price data could be out at any time and that the Bank Rate market price (now at 5.50% for January 24) is subject to a sharp downward revision.
We’ll see if tomorrow’s data gives BoE Governor Andrew Bailey a the opportunity to counter those aggressive expectations of tightening when I testify before a House of Lords committee tomorrow afternoon. However, the Pound is expected to maintain its gains today.
He EUR/GBP is currently testing major support at 0.8540/50levels that we consider worthwhile.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
