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Sterling higher on Governor Carney's comments

Friday, Jul 17 2015
Earlier this morning BoE Governor Mark Carney in which he said that BoE will raise interest rates soon, since the economy is picking up, but there could be factors that affect the exact time of rate hike, and there are signs of inflation pressures. What this means that there is no need to hold punches for rate hikes, since inflation overshotting expectations isn't something they want.
 
He also said that "developments in the exchange rate have been important for UK inflation and activity, and in particular we have experienced persistent exchange rate pass-through to headline inflation. This risk is particularly relevant at present when the monetary policy stance of our largest trading partner is diverging with ours."
 
Sterling was pushed higher this morning and is currently being traded few points above 1.5660 area. Pair is likely to find support around 1.56 area, and resistance above 1.57 handle. Later today, in the US session, CPI, Building Permits, Housing Starts and Consumer Sentiment figures are scheduled for a release.
More in this category: « Euro still below 1.09 handle US CPI increased by 0.3% in June »

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