GBP Heading For Weekly Gain on BoE Rate Hike Talk

Sterling headed for its first weekly gain since February and gilts declined as market expectations shifted toward tighter policy in the U.K.

The pound has been prone to large swings this week, often without obvious catalysts, a trend that continued on Friday as it earlier slid 25 pips within a minute against the dollar. That was mainly driven by corporate demand for the U.S. currency and algo buying across the board, according to two Europe-based traders who asked not to be named as they were not authorized to speak publicly.


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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 SKY News. 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