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Sterling higher ahead of tomorrow's CPI figures

Monday, Jul 13 2015

It was a steadier Monday's session for Sterling without any data releases. Sterling had fallen to a one-month low earlier last week as the dollar surged on interest rate differentials moving in its favor, but it was then boosted by a British budget that was less austere than many had expected and also by robust housing data. The GBP has traded steadily during recent sessions, but this could all change tomorrow morning when the latest UK inflation numbers are published.

The Pound badly needs the official figures to reveal that the pace of domestic price rises has once again increased. Such a result would ramp up market whispers suggesting that the Bank of England may hike its key interest rate sooner rather than later.

Sterling was pushed higher this morning largely thanks to the fact that a deal between Greece and its creditors was seen as the last obstacle preventing the US Federal Reserve from raising interest rates. Now that’s gone, there’s a good chance the Fed will do the deed sooner, rather than later – which investors aren’t likely to be happy about.

Pair is currently being traded few points above 1.5520 level. Pair is likely to find support around 1.5450 area and resistance above 1.5580 level. There will be no major data releases in the rest of the session. 

More in this category: « EU Summit reached deal with Greece NAB Business Confidence at the highest level since September 2013 »

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