Pound Advances As BoE Haldane Signals Tapering Of Stimulus
09 Junio 2021 - 3:26AM
RTTF2
The pound strengthened against its major counterparts during the
European session on Wednesday, following comments from the Bank of
England chief economist Andy Haldane that the central bank might
require to turn off the tap of its huge monetary stimulus in the
wake of some pretty punchy pressures on prices.
Speaking to LBC radio, Haldane said that the "UK economy is
going gang-busters" and it should not be overly dependent on
"monetary medicine."
"If both pay, and costs are picking up, inflation on the high
street isn't very far behind."
"And that may mean that at some stage we need to start turning
off the tap when it comes to the monetary policy support we have
been providing over the period of the COVID crisis."
Haldane cautioned that there are risks of inflation overshooting
target for a bit longer than planned.
The pound firmed to a 2-day high of 1.4189 versus the dollar and
a 5-day high of 155.32 against the yen, reversing from its prior
lows of 1.4142 and 154.85, respectively. The pound is seen finding
resistance around 1.43 versus the dollar and 160.00 against the
yen.
The pound appreciated to 1.2719 against the franc, after a
decline to 1.2679 in the previous session. Next key resistance for
the pound is likely seen around the 1.30 level.
In contrast, the pound reversed from a 2-day high of 0.8589
against the euro and was worth 0.8607. If the pound slides further,
0.88 is likely seen as its next support level.
Data from Destatis showed that Germany's exports growth eased
more-than-expected in April and imports dropped for the first time
in three months.
Exports rose only 0.3 percent month-on-month in April, after a
1.3 percent rise in March. Economists had forecast a monthly growth
of 0.5 percent.
Looking ahead, at 10:00 am ET, the Bank of Canada announces
decision on interest rates. Economists forecast the benchmark rate
to hold at 0.25 percent.
U.S. wholesale inventories for April are due in the New York
session.
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