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Sterling higher despite no major data releases

Monday, Aug 22 2016

Sterling was pushed higher today, though there were no major data releases. The pound was recovering after taking a hit on Friday, following a report from Bloomberg stating that UK Prime Minister Theresa May's team was still leaning towards the first part of 2017 as the best moment to trigger formal talks over the UK's withdrawal from the European Union. Reuters subsequently reported that May will not begin the formal talks before the end of the year, according to a government spokeswoman. "We don't recognize this briefing," the spokeswoman said when asked about the Bloomberg article.

Investors were cautious on Monday as they look ahead to US Federal Reserve Chair Janet Yellen's speech at Jackson Hole later this week. Yellen is due to speak at the Wyoming event on Friday and market participants will be keen to hear if she delivers any indications about the timing of the next US rate hike, after comments from several Fed officials last week. The greenback was recovering some of the ground it lost last week against other major currencies, after declining on Wednesday after a dovish set of minutes from the Fed.

 

Sterling is currently being traded above 1.31 handle. Pair is likely to find support around 1.3050 area and resistance above 1.3150 level.

More in this category: « Aussie rebounding after initial negative gap Euro little change in a quiet Monday session »

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