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Sterling holds steady against USD; falls against Euro

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The Pound remained steady against the US Dollar and edged down against the Euro on Wednesday as traders awaited key US inflation data along with comments from the governor of the Bank of England, Andrew Bailey.


At the time of writing, the Sterling was trading at $1.24155, not too far away from a 10-month high of $1.2525 reached earlier last week, as currency markets, in the main, were quiet ahead of the US consumer price index data for March. 


The data will be key to Federal Reserve policymakers deciding whether to hike US rates at next month’s meeting. 


In addition, traders will be focusing on the Bank of England governor’s comments for guidance on whether the bank is ready to halt its rate hiking cycle, Reuters reports. 


Currently, markets are pricing in a 75% chance of an additional 25 basis point increase. 


“GBP/USD can be sensitive to comments from BoE officials on the outlook for inflation and monetary policy because the BoE’s tightening cycle is likely near its end,” according to FX strategist at Commonwealth Bank of Australia, Kristina Clifton. 


However, she went on to say that US CPI and the impact on the greenback would likely be the principal driver for the Sterling against the Dollar. 


Better-than-forecast economic data so far in 2023 has boosted the Sterling to become the best performer in the G10 against the US Dollar. Not only because of more upbeat economic prospects but also as it signals the Bank of England cannot depend on a slowdown to curb inflation, the Reuters report adds. 


Elsewhere, the Euro edged up 0.22% against the Pound to reach 88.05 pence, the strongest level in more than a week. 

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Mauritius,
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Lithuania,

media contact

About

deVere Group – Foreign Exchange’s Public Relations Department deals with all areas of the media and external communications including international, national, regional, local, trade, consumer, print, broadcast, social and online. The Department aims to provide a helpful service to journalists, broadcasters and editors, amongst others, and reply to all media enquiries, including urgent enquiries out of hours, within agreed deadlines.

Contact

Our press office does not have access to client details and will not be able to assist with individual client enquiries. Please contact deVere Group – Foreign Exchange’s Head of Public Relations on [email protected] or call +44 2071220925.