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Sterling little changed in a quite morning trade

Monday, Aug 24 2015
There are no major data releases from UK today, so traders are more concerned with recent UK data and speculations on rate hike date. Investors reckon the BoE will start hiking rates from their historic lows in early 2016 as the UK economy continues to pick up speed. That expectation carried the pound to a 7 1/2-year high on a trade-weighted basis earlier in the week. But the latest data suggests there should be no hurry.
 
BoE rate-setter Kristin Forbes said on Sunday that rates would need to rise long before inflation hits the BoE's 2 per cent target. Leaving them low for too long, she said, would risk undermining Britain's economic recovery.
 
Data released on Friday showed that Britain's public sector finances were also improving, another sign that the economy was picking up. Britain's public finances recorded their first July surplus in three years, driven by the strongest tax receipts for the month since records began in 1997.
 
Sterling is currently being traded few points above 1.5670 level. Pair is likely to find support around 1.5630 area and resistance above 1.57 handle. There will be no major data releases in the rest of the session.
 
More in this category: « Is euro changing trend? Dollar lower against major rivals »

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