The Pound commenced last week much higher against the Euro & US Dollar due to Bank of England’s hint of an interest rate hike. However, the pound has fallen against the Euro and USD towards the close of trading on Friday last week.
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Yesterday morning we saw GBP edge up slightly across the major currencies with inflation hitting more than a nine year high, which led to further expectation for The Bank of England to act sooner rather than later with hiking Interest Rates.
The British pound rebounded this morning but was off the highs touched yesterday, after data showed British inflation hit a more than nine-year high last month, fuelling expectations the Bank of England could look to hike rates sooner than previously expected.
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This week has pretty much been the week of Central Banks, with Rate Decisions from Australia, Canada, Poland, & The ECB today.
The Pound rose sharply against the US Dollar on the close of last week, Friday, due to a massively underperforming non-farm payrolls report. The monthly jobs reports, released on the first Friday of every month, was expected to add 750k jobs however actually come in at a shocking 235k. On a more positive note, average hourly earnings for the US rose along with unemployment falling.
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