Pound Sterling – UK Markets The Pound closed yesterday’s trading session nearly unchanged from Friday’s level against the US Dollar as lack of domestic economic data and persistent Ukrainian concerns continued to weigh on the currency pair. With little of note on the domestic macro front even today, investors will track a speech by the BoE Governor, Mark Carney, for any hints about the central bank’s policy stance going forward. Additionally, investors will follow global economic cues and events unfolding in Ukraine, especially after the US and the EU imposed sanctions on Russia following the latter’s recognition of Crimea’s independence. Meanwhile, Sterling has weakened against its peers this morning. Market participants are looking forward to tomorrow’s Budget Speech by the UK Chancellor, George Osborne. Against the backdrop of the Chancellor’s latest announcement to extend the “Help to Buy” scheme for another four years, expectations of additional incentives, especially to the exports industry cannot be ruled out. However, with the British economic recovery gaining traction over the past year, the Budget is unlikely to offer any major surprises on the fiscal front. Additionally, the latest BoE monetary policy meeting minutes and labour market data will gain market interest tomorrow.
Posted on: Tue, 18 Mar 2014 10:49:10 +0000
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