Sterling Stabilizes Ahead of BoE Speakers

Sterling traded just over a cent above this week’s lows against the dollar and steadied against the euro on Friday, with several Bank of England policymakers due to speak and markets keen for clues on whether another cut in interest rates is likely.

The pound has found a foothold after a round of heavy losses this week, sparked by last Friday’s tumble, but some investors are still prepared to back it to recover much of that ground.

European Council President Donald Tusk, who will run the Brussels side of Britain’s negotiations on leaving the EU, warned on Thursday that the bloc will not offer London any softer terms than a “hard Brexit”.

Reuters

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Craig Erlam

Craig Erlam

Senior Market Analyst - UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a Market Analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and BNN. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
Craig Erlam