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GBP Shrugs Off Vlieghe Comments, With Focus on Virus Picture

BOE
  • GBP remains among the strongest currencies in G10, with GBP/USD this morning touching 1.3799, the best level since Jul 16th. GBP's strength comes amid relatively light and thin volumes (using futures as a proxy, activity in GBP is running at around 80% of the already-low recent average for this time of day.
  • Markets responded to a series of upbeat updates from the UK COVID case growth, which may suggest the peak of the most recent wave has already passed. The Times writes: "Britain is seeing a sustained fall in reported coronavirus cases outside lockdown for the first time since the pandemic began. In new evidence that the country has passed the peak of its third wave, the number of confirmed infections fell for the fifth consecutive day."
  • Bank of England MPC member Vlieghe has been speaking throughout the morning, stating that the Bank are to come out with a review on the sequencing of rate hikes and balance sheet tightening soon. He also added that he believes it will remain appropriate to keep the current package of monetary stimulus in place for several quarter "at least, and probably longer".
  • Worth noting markets may be discounting Vlieghe's views given his departure from the MPC at the end of August.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
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