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Sterling lower ahead of tomorrow's BoE Minutes

Wednesday, Jan 13 2016
There were no data releases from the UK today. Traders are hoping for some clues from the MPC vote and monetary statement from the BoE tomorrow as for a rate increase later in 2016 or 2017. The pound has fallen as expectations for when the Bank of England will start raising interest rates have been pushed back to 2017. Investors had previously bet rates would rise in the second half of this year, following the U.S. Federal Reserve, which last month hiked rates for the first time since 2006.
 "Traders should ... see the potential around a possible Brexit vote as a huge risk ... There would be all sorts of risks for investors to consider with this, including threats of capital outflow and concerns that enterprises would threaten vacating UK operations." The spotlight is on this week's BoE monetary policy meeting. The minutes are expected to repeat December's dovish message, with soft oil prices keeping inflation weak and wage growth rather subdued.
 
Sterling is currently being traded around 1.44 handle. Pair is likely to find support around 1.4350 handle and resistance above 1.4460 level. Later today, in the US session, Crude Oil Inventories figures are scheduled for a release.
More in this category: « Eurozone Industrial Production fell by 0.7% Crude Oil Inventories increased by 0.2 million barrels »

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