- Posted by currencies in Rate Alerts
- May 8, 2018
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GBP dropped off today as many investors have continued to off-load the pound ahead of the Bank of England meeting this Thursday when the central bank is expected to keep interest rates on hold, and as worries about Brexit negotiations resurface.
Tensions within Britain’s governing Conservative party over how to agree terms of exit from the European Union have also re-emerged as a key political risk for the pound.
ING analysts said in a note that while the focus would be on the passage of Brexit legislation, sterling against the euro remained steady for now.
We expect a quiet day I the UK today, no economic data this morning.
Despite the disappointing wage data out of the US on Friday, the USD continues to be supported.
Fed Chair Powell speaks in Zurich this morning. He will address the issue of how monetary policy influences global financial conditions. Markets will be watching for indications of how the Fed take this into account when considering rate policy.