London RationalFX

RationalFX : Sterling rallies to one month-highs

RationalFX : Sterling rallied on Friday after the Bank of England decided to keep interest rates unchanged at 0.75%. Sterling gained 0.8% to as high as 1.3208 against the US dollar, its highest level in eight days……

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Against the euro, sterling rose 0.2% to 1.1922. Recent economic data releases showed that the UK economy was showing signs of recovery. For now, the Bank of England have decided to keep interest rates stable, but did not rule out a rate cut later in the year if growth does not improve.

Friday also marked a historic day as the UK officially left the European Union, so GBP may see some volatility. Boris Johnson is set to make his official speech on Monday. He will emphasise that he would want a comprehensive trade deal, like the deal agreed by Canada, or he could threaten to leave the EU without one. The pound could still face some volatility until a trade deal is agreed between the UK and the EU.

Key Announcements

3:00 – USD – ISM Manufacturing PMI – Forecast at 48.5 from previous 47.2.

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