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Sterling rises despite Syria intervention as investors eye data


Monday, 16 April 2018 15:52 WIB

poundSterling,Poundsterling


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The pound rose on Monday despite Britain's military intervention in Syria, as investors focused on data that could help shore up expectations of a May interest rate hike.

Britain struck Syria with cruise missiles on Saturday in partnership with Western allies, targeting chemical weapons facilities. But the military action did not appear to hurt risk appetite as bond yields rose and the dollar fell.

Sterling on Monday rose 0.1 percent to $1.4250, continuing a two-week rally against the dollar that on Friday saw the pound push towards a new post-Brexit referendum high.

Data on British unemployment, wages and inflation numbers are due this week.

Markets expect the Bank of England to raise rates by 25 basis points next month as it tries to curb inflation and with Brexit-related risks having subsided for now and wage data still pointed upwards.

Against the euro, sterling fell 0.1% to 86.69 pence per euro, but remained at its highest against the single currency since late May 2017.

Source: Reuters


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