The Pound Sterling (GBP) trades directionless on Monday as Bank of England (BoE) policymakers seem baffled about September’s monetary policy meeting.
UK retail sales contracted significantly as store sales were washed out by rainy weather. However, demand at online stores increased supported by promotions, suggesting that retail demand is majorly stable. Investors will focus on preliminary PMI data for August this week for further guidance on September’s monetary policy meeting.Pound Sterling trades lackluster around 1.2750 as investors await a fresh economic trigger for further guidance.
British Office for National Statistics reported that consumers switching to online shopping because of poor weather and increased promotions led to 27.4% of retail sales taking place online in July, up from 26% in June. UK’s real-estate sector continues to face the wrath of higher interest rates. Prices demanded by property sellers dropped sharply as buyers’ ability to invest in a home weakens due to rising borrowing costs.
The US Dollar Index remained sideways around 103.50 on Monday after a five-week winning spell. A power-pack action is likely in the US Dollar ahead of the Jackson Hole Economic Symposium. Federal Open Market Committee minutes released last week delivered a clear message that the inflationary environment is still uncertain and further policy action will be dependent on the incoming data. Investors will keep an eye on August economic data for September’s monetary policy guidance.Pound Sterling oscillates in a narrow range around 1.2750 amid mixed views about BoE’s interest rate policy.
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