Pound Advances On Growing BoE Rate Hike Expectations
2021年10月11日 - 01:58PM
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The pound drifted higher against its major counterparts in the
European session on Monday, as hawkish comments from Bank of
England officials intensified hopes that the central bank is likely
to raise rates sooner than previously expected.
BoE policy maker Michael Saunders told The Telegraph on Saturday
that inflationary surge "could become more persistent unless
monetary policy responds."
"I think it is appropriate that the markets have moved to
pricing a significantly earlier path of tightening than they did
previously," Saunders said.
Saunders remarks came after a warning from Governor Andrew
Bailey that inflation exceeding the BoE's goal of 2 percent will be
damaging the economy.
"A huge amount can happen between now and then so I am not going
to speculate, but at the moment the forward curve would suggest
that it would be higher so that would suggest inflation
persistence, so transience would be longer," Bailey said in an
interview with the Yorkshire Post.
Markets are pricing in a rate hike by the end of this year
following these remarks.
The pound moved up to a 3-1/2-month high of 154.22 against the
yen and near a 2-week high of 1.3674 versus the dollar, from
Friday's closing values of 152.71 and 1.3611, respectively. The
currency is likely to face resistance around 157.00 against the yen
and 1.40 versus the dollar.
The pound touched near a 2-week high of 1.2678 versus the franc,
off its prior 4-day low of 1.2609. Should the currency gains again,
1.28 is likely seen as its next resistance level.
The pound firmed to near a 2-month high of 0.8472 versus the
euro, from last week's close of 0.8494. Next key resistance for the
pound is seen around the 0.83 level.
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