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Sterling broke above 1.51 handle ahead of US data

Friday, Apr 24 2015
Though there were no major data releases from the UK today, and despite yesterday's weaker than expected Retail Sales figures, Sterling is still supported by hawkish BoE Meeting Minutes. The minutes noted that two members regarded the decision as finely balanced. The Monetary Policy Committee also dropped the reference seen in the March minutes that the strength of sterling which climbed nearly 15% recent could have potential to prolong the period for which CPI would remain below target, though it was noted that currency strength could curb exports and suppress food prices.
 
BoE minutes to the April MPC meet showed unanimous votes to maintain the repo rate at 0.5% and the QE total at GBP 375 billion, as expected. The minutes reported that there was a range of views over the likely future path of the repo rate, but that all members agreed that it was more likely than not that interest rates would rise over the three-year forecast period. The MPC noted that 12-month forward OIS rates suggested that an increase in the repo rate to 0.75% was not fully priced in until September 2016, later than had been the case at the time of the February Quarterly Inflation Report.
 
Sterling is currently being traded few points above 1.5120 level. Pair is likely to find support around 1.5050 area and resistance above 1.5170 area. Later today, in the US session, Durable Goods Orders figures are scheduled for a release
More in this category: « German Ifo Business Climate rise to 108.5 in April USD lower after Durable Goods Orders figures »

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