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May 2016

GBP Strengthens

Published: Tuesday 24 May 2016

It has been a good day for the Pound. An opinion poll last night showed that older voters in the UK are becoming less likely to vote for a Brexit. Speculation has begun to emerge regarding the bank of England and future monetary policy decisions. Mark Carney displayed “flashes of anger” during his inflation report hearings. His robust defense of BoE stance over the EU referendum sparked suggestion that the Brexit could outset a recession.    
 
At present, money markets price in a BoE hike in December 2019 however with this month’s inflation figure showing 0.5% some suggest that a return to 1% could see a hike this year. Sterling strengthens on the back of this.  
 
Latest FX news by Michael Condron