Pound (GBP) firms despite lukewarm BoE remarks
The pound (GBP) enjoyed modest support yesterday, although GBP’s upside seemed more linked to movements in other currencies than Sterling’s own strength.
Investors largely brushed off comments from Bank of England (BoE) Governor Andrew Bailey. While the BoE chief maintained a cautious stance on rate hikes, he also said that cuts were ‘off the table’ and hinted that the rise in energy prices earlier in the year could have a delayed impact on inflation.
Sterling could struggle for a clear direction during today’s session, with UK economic data thin on the ground.
Euro (EUR) falls following cooler inflation figures
The euro (EUR) fell during yesterday’s session as the Eurozone’s latest consumer price index dampened European Central Bank (ECB) rate hike bets.
