Data was very thin on the ground for the UK today but the pound has been boosted over the last two trading days against many major currencies. We have seen some excellent buying opportunities against the Euro with a rise from 1.1550 to 1.1723 in two trading days after the BoE Governor Mark Carney recently boosted confidence among investors. He was upbeat about UK growth and stated a “renewed recovery” is taking
place in the economy, with jobless rates set to fall. This provided a boost to the pound even though the Governor countered this by saying any fall in the unemployment rate might take some time.
Looking forward the next BoE interest rate decision is set to take place next week. I personally can’t see any hike in interest rates and would be surprised if there is movement in QE. I actually think sterling could be fairly flat if things do not materialise in the Middle East. UN inspectors are set to give their findings on the
alleged chemical weapons attacks to UN Secretary General Ban Ki-moon at the weekend. If anything is announced by the UK government over the weekend regarding military action then when the Asian markets open in the early hours of Monday it may be too late to achieve the rates we have available now. I think a war for the UK would be very damaging for the pound.
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