Pound Advances Amid BoE Vlieghe's Testimony
22 Mai 2018 - 07:51AM
RTTF2
The pound climbed against its major counterparts in early
European deals on Tuesday, after the Bank of England policy maker
Gertjan Vlieghe remarked that U.K. interest rates would rise very
gradually over the next few years.
Speaking to the Treasury Committee, Vlieghe said his prediction
for growth and inflation is consistent with a gradually rising path
of interest rates.
"My own central projection will require one or two quarter point
rate increases per year over the three-year forecast period."
"That path would bring us closer to the neutral policy rate,
which I continue to think is likely to be well below the neutral
rate that prevailed before the recession," he added.
The pound climbed to 1.3434 against the franc and 0.8758 against
the euro, from its early near a 2-month low of 1.3367 and a weekly
low of 0.8789, respectively.
The U.K. currency hit 4-day highs of 1.3491 against the dollar
and 149.73 against the yen, reversing from its early low of 1.3413
and a 5-day low of 148.77, respectively.
The next possible resistance for the pound is seen around 1.36
against the franc, 0.86 against the euro, 1.37 against the dollar
and 151.00 against the yen.
Sterling vs Yen (FX:GBPJPY)
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Sterling vs Yen (FX:GBPJPY)
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