Sterling little changed in a quite European part of session
There were no major data releases from UK today. Traders are being cautious ahead of GDP figures. Last week, Governor Mark Carney suggested rates could begin to rise around the turn of year while monetary policy committee member David Miles, once one of the strongest advocates for providing more stimulus, said in an interview published this week that the time for a hike was nearing.
Economists predict official figures on Tuesday will show GDP growth bounced back in the second quarter after a new-year slowdown. Alongside fading worries about the Greek debt crisis and signs of rising living standards, any such recovery in headline growth could fan expectations that the Bank’s policymakers are readying to raise interest rates, perhaps even before the end of the year.
Sterling is currently being traded slightly above 1.55 handle. Pair is likely to find support around 1.5450 level and resistance above 1.5550 area. Later today, in the US session, Durable Goods Orders data was released.
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