The Pound is holding above 1.2400 but is under clear pressure and the bulls will have a fight on their hands to keep it above that psychologically important level this week.
The Dollar has gained broadly as it seems less likely that the Fed will move before the year’s second halfThe British Pound has been falling against the United States Dollar for some six weeks now, with the markets’ ever-moving take ondifferentials between the Bank of England and the Federal Reserve very much in charge. The week ahead offers little chance of fundamental change here, with a modest sheet of likely scheduled trading cues.
Still, there’s only a single quarter-point rate cut priced into sterling markets this year, which is a broadly similar prognosis to the Dollar’s. The inflation picture is similar too, with prices decelerating but still rising more strongly than either central bank’s target rate. The Pound is holding above 1.2400 but is under clear pressure and the bulls will fight with their hands to keep it above that psychologically important level this week.
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