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Sterling rebounding in a quiet Monday trade

Monday, Sep 19 2016

There were no major data releases from the UK today. Sterling's hefty slide since Britain voted to leave the European Union should significantly narrow the country's current account deficit, Bank of England policymaker Kristin Forbes said on Friday. Speaking at a conference in Paris, Forbes said sterling's 10 percent fall against the dollar and the euro was leading to some automatic adjustments to Britain's current account deficit, one of the largest of any advanced economy.

"Sterling's depreciation should improve the UK's net foreign asset position by over 20 percent of GDP. That's a big improvement in the UK's net international asset position and that should alleviate concerns by international investors about the UK's ability to pay on its net foreign asset position," she said.Forbes, an external member of the BoE's Monetary Policy Committee, was speaking at a conference on rethinking capital controls and capital flows hosted by SUERF, a forum for European central banks, regulators and academics.

 

Sterling is currently being traded around 1.3080 area. Pair is likely to find support around 1.30 and resistance above 1.31 handle. 

More in this category: « Eurozone Current Account recorded surplus of 21.0 billion euros NAHB Housing Market Index rose more than expected »

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