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Sterling stable above 1.54 handle

Monday, Sep 14 2015
There are no data releases from the UK today, so Sterling is being traded in a tighter range. received a boost from the Bank of England. According to its latest minutes, the Monetary Policy Committee said on September 10, “Although the downside risks emanating from overseas had risen, it would be premature to draw strong inferences from this month’s events for the likely path of activity in the UK”. What this means is that the MPC judged it too soon to decide if turmoil in markets sparked by China will affect Britain much. The BoE also said it expected Britain’s economy to maintain healthy growth.
 
 
Despite the friendly comments, judging from the 8 to 1 vote to keep rates at a record low of 0.5% this month, the majority of policymakers appeared to be in no rush to raise rates. On the negative side last week, the BoE trimmed their forecast for third-quarter growth to 0.6% from 0.7%. The economic news wasn’t that positive either with British industrial output faltering due to weaker overseas demand. 
 
Sterling is currently being traded few points above 1.5450 level. Pair is likely to find support around 1.54 handle and resistance above 1.5480 area. There will be no major data releases in the rest of the session.
More in this category: « Eurozone Industrial Production up by 0.6% in July Aussie down after RBA Meeting Minutes »

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