Sterling falls back with no news around a UK interest rate hike

Prior to Bank of England (BoE) Governor Mark Carney speaking before the Treasury Select Committee yesterday morning, sterling gained a bit of ground against the euro. However, as he spoke, he gave away no clues on the central bank’s strategy around the UK’s interest rates which caused sterling to give back those early morning gains against the euro as the day wore on. Sterling also struggled to maintain its relatively strong position against the US dollar falling slightly from recent monthly highs.

Another relatively quiet day lies ahead for sterling, with further comments from BoE Governor Carney likely to provide the only spark of interest for sterling investors as he touches on monetary policy.