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Sterling higher in a steadier Monday's session

Monday, Mar 16 2015

There are no data releases from the U.K. at the beginning of the week so traders are still weighing on recent news. BoE would start to hike interest rates early next year, as is being expected currently. Governor Carney said on Thursday the recent strengthening in the pound could keep inflation low and low and result in a slower pace of rate hikes from the BoE. He reiterated those comments in a newspaper interview on Friday.

Also, U.K. parliamentary elections are scheduled for May. The Conservative Party, under pressure from the anti-EU UK Independence Party, has promised a referendum on EU membership within two years if they win. At the same time, the Scottish National Party, the party that campaigned to split Scotland from the United Kingdom, is seen making inroads and may enter a coalition with the centre-left Labour, keeping alive the prospect of a break-up.

 

After huge decline last week, Sterling is currently in the rebound, being traded few points above 1.4790 level. Later today, in the US session, Empire State Manufacturing Index and Industrial Production figures are scheduled for a release.

More in this category: « Tsipras says there no return to austerity Empire State Manufacturing index declined in February »

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