Pound Sterling (GBP) is soft, down a marginal 0.2% against the US Dollar (USD) and a relative performer among the G10 in an environment of mild, albeit broad-based USD strength, Scotiabank’s Chief FX Strategist Shaun Osborne notes.
BoE Governor Bailey strikes cautiously neutral tone.
“Comments from BoE Gov. Bailey are providing some near-term headline risk and can be characterized as cautiously neutral with a focus on the near-term risk of inflation balanced against medium to longer term concerns about the outlook for the UK labor market. Fundamentally, UK-US yield spreads are offering support to GBP/USD.”
“GBP/USD is in a clear bull trend with a multimonth sequence of higher lows and higher highs following its recovery from its January low around 1.22. Its latest push has cleared fresh multi-year highs and its momentum remains bullish but well short of overbought levels, leaving ample room for further gains
- Euro advances against Canadian Dollar amid lower oil prices, ECB rate hike bets
- Gold steadies above $4,300; not out of the woods yet amid Fed hike bets and bullish USD
- Gold weakens below $4,400 as US Treasury yields surge, Fed rate hike bets rise
- Euro extends losses against British Pound as Eurozone inflation fails to impress
- Gold declines as rising Fed hike bets and US‑Iran tensions support USD
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