The British Pound is moving gently higher in early trade despite a raft of negatives hanging over GBP. Get your market update from nickcawley1 here:
is moving gently higher in early trade despite a raft of negatives hanging over GBP. Wednesday’s inflation release is expected to show headline inflation y/y touch 9.1%, a fresh four-decade high, with some market commentators seeing an even higher print. The Bank of England recently warned that inflation may even hit 11% this year. In addition to spiraling price pressures, UK growth is slowing, leading to the inevitable cries of recession.
On Monday, Bank of England MPC member Catherine Mann said that the central bank should raise interest rates aggressively to try and stem the weakness in Sterling. Ms. Mann said that the BoE needs ‘a more robust policy move’, adding that this would reduce that already high domestic inflation is further boosted by imported inflation due to Sterling’s weakness. Ms. Mann was one of three policymakers who voted for a 50 basis point rate hike at last week’s week BoE policy meeting.
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