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Sterling rises as dollar hits soft patch; data eyed


Monday, 14 May 2018 15:51 WIB

poundSterling,Poundsterling


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Sterling rose on Monday as the dollar weakened against its rivals and investors focused on economic data that could help the pound recover after the Bank of England last week held rates and cut its growth projections.

At GMT 10:10 the pound was up 0.4 percent at $1.3589 and trading flat against the euro to 88.20 pence..

On Thursday the BoE held interest rates steady as expected but cut its growth and inflation projections for this year and next, sending sterling to a four-month low against the dollar.

The decision left traders sceptical about whether the central bank will hike rates at all this year.

Market expectations of a rate hike in August are currently below 50 percent compared to nearly 60 percent at the start of last week.

Source: Reuters


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