Created
: 2024.10.14
2024.10.14 21:24
This week's release of UK jobs and especially inflation data on Wednesday could have a decent say in the pricing of the Bank of England's easing cycle and sterling, ING's FX analyst Chris Turner notes.
"UK rates have been dragged higher by those in the US over the last few weeks - even though BoE Governor Andrew Bailey has said the Bank could become a 'bit more activist' should inflation data allow it. Inflation data may well allow it this week if the UK September services CPI drops back to 5.2% year-on-year as consensus expects."
"This means that EUR/GBP could hold support at 0.8350 this week and retest the recent high at 0.8435. GBP/USD could press the 1.3000 area. We doubt that today's UK investment summit will have a major impact on sterling, despite the bullish headlines. Instead, investors are waiting to see what UK Chancellor Rachel Reeves does with her first budget on 30 October."
Created
: 2024.10.14
Last updated
: 2024.10.14
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