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Free AccessRate also reflected sterling's........>
EURO-STERLING: Rate also reflected sterling's recovery as rate further extended
its corrective pullback away from Friday's high of Gbp0.89925 to Gbp0.8939. The
pound was seen in a better light as weekend press reports suggested PM May had
strong support within the party, along with suggestions she could call a Cabinet
shake up with Foreign Secretary Boris Johnson possibly to be demoted. Sterling
ewas also given a lift by a Times report suggesting that Friday's release of UK
Unit Labour Costs was incorrect and that the ONS could announce a correction
some time today. Speculation that the outcome would provide a stronger argument
for the BOE MPC to hike rates at its next meeting. Next support in the cross
seen at Gbp0.8935 ahead of Gbp0.8910/00.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.