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Sterling pulled back in a quiet Friday's morning trade

Friday, Mar 18 2016
There are no data releases from the UK today. Markets are still being influenced by UK job figures and recent BoE stanzas regarding monetary policy. UK labour market figures showing a meagre rise in wages and the bleak assessment of the outlook for the UK from the Office for Budget Responsibility as revealed by the Chancellor George Osborne are kept in mind by policymakers.
Most economists now predict interest rates will not rise until 2017, although some have suggested the Bank could instead cut them further at some point amid worsening economic conditions at home and in the rest of the world as markets continue to be in turbulence and oil price to fall.
 
Official data showed that UK wages failed to pick up much, rising by just 2.1% in the year to January, from 1.9% in the period to December. And George Osborne said in his 2016 Budget statement that the OBR has slashed its growth forecasts for the UK economy over the next five years, mostly because of the prospect of weaker productivity growth.
 
Sterling is currently being traded few points above 1.4450 level. Pair is likely to find support around 1.44 handle and resistance above 1.45 level. Later today, in the US session, Consumer Sentiment figures are scheduled for a release.
More in this category: « Unemployment Claims increased to 265,000 German PPI decreased by 0.5% »

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