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Sterling little changed in a quite Monday trade

Monday, Aug 10 2015
There were no data releases from the UK this morning so Sterling was little changed after last week's decline below 1.55 handle. Last Thursday the Bank of England had little to say as investors were taken by surprise earlier when the bank said only one of its nine policymakers had voted for a rate rise at their August meeting. Most economists had expected two or even three members of the monetary policy committee to vote for a rise. The surprise 8-1 result prompted markets to push out their bets on a first rate increase.
 
“The depreciation of the euro against sterling and the dollar is providing support to firms exporting to the UK and US, while the recovery in the euro area — Ireland’s other main trading partner — is gaining ground,” she said. There remains a wide range of forecasts on exactly when the Bank of England will raise rates. The bank pointed to a possible increase in interest rates early next year, after only one of its top policymakers backed an immediate move. It also forecast a slow pick-up in inflation thanks to a strong pound.
 
Sterling is currently being traded few points below 1.55 area. Pair is likely to find support around 1.5450 and resistance above 1.5530 level. There will be no major data releases in the rest of the session. 
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