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Sterling edges lower ahead of crucial wage data


Tuesday, 20 February 2018 00:40 WIB

poundSterling,Poundsterling


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Sterling edged lower against the dollar and euro on Monday, holding off 10-day highs hit last week, as traders awaited key wages data due later this week for clues to the pace of monetary tightening from the Bank of England.

Markets have moved to price in an interest rate hike in May, but such tightening will hinge on pay growth picking up, and on whether Prime Minister Theresa May can soon secure a transition deal for the two years after Britain quits the European Union.

Sterling was down 0.2 percent at $1.3998 by 17:07 GMT, just over 2 percent down from an 18-month high hit in late January. Against the euro it was down a similar amount to 88.59 pence per euro.

Source: Reuters


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