020 7898 0500Sterling steadied the ship on Monday, halting the losses suffered in the worst week in three months for the British currency. Following comments by the Bank of England (BoE), which suggested a hike in interest rates would be unlikely this year, sterling struggled across the board last week. Yesterday saw sterling reverse losses versus the US dollar, pushing close to the level seen before the release of BoE minutes last Thursday, as they suffered their own setback on increased interest rates. A more muted performance against the euro saw sterling arrest losses and make some gains against the single area currency.
Today sees little significant data released from the UK, with tomorrow’s release of labour data set to be the most anticipated event of the week. Elsewhere, German economic sentiment data will provide some interest today in the Eurozone economic recovery – this could potentially affect sterling’s performance against the euro.
