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Market Update: Sterling Gains on Interest Rate Hike Talks
The British pound appreciated to $1.417 Thursday afternoon, not far from an over three-year high of $1.423 hit last week, after Bank of England policymaker Gertjan Vlieghe signaled that the central bank might start raising interest rates sooner than expected in 2022 if a stronger than forecast economic rebound in the UK materializes. The MPC’s central projection in May pointed to the first Bank Rate hike well into next year, with some modest further tightening thereafter. According to Bank of England forecasts, Britain’s economy is seen growing by 7.25% in 2021, before slowing in 2022 to return to its slow, pre-pandemic pace. Meanwhile, Governor Andrew Bailey said earlier this week that he does not see inflation causing a serious problem in the medium to long-term. For the month, the currency headed for a 2.6% monthly gain against the USD, on the prospect of a strong economic recovery helped by the ongoing re-opening efforts and the rapid pace of COVID vaccination. [/s2If]
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