Sterling higher still supported by dovish Fed
There were no data releases from the UK today, with Fed's interest rate decision still being main market mover. The Bank of England’s chief economist is reiterating his opposition to an interest rate hike in the near future and says policy could just as easily be loosened as tightened if the UK is hurt by turmoil in emerging markets.
Andy Haldane is using a speech to business owners in Northern Ireland to discuss events in the Greek economy and in China, where an economic slowdown has coincided with a stock market rout and sent jitters through global markets.Haldane, one of nine policymakers that vote on interest rates at the Bank, reiterated warnings he made earlier this year that the UK economy was not ready for higher borrowing costs.
Sterling is currently being traded around 1.5630 level. Pair is likely to find support around 1.5570 level and resistance above 1.5680 area. There will be no major data releases in the rest of the session.
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