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Market Update: Sterling Remains Close to Over 3-Year High
The British pound touched $1.42 on Tuesday, not far from an over three-year high of $1.423 last week, on the prospect of a strong economic recovery helped by the ongoing re-opening efforts and the rapid pace of COVID vaccination. Britain’s economy is seen growing by 7.25% in 2021, before slowing in 2022 to return to its slow, pre-pandemic pace, according to the Bank of England. Meanwhile, Bank of England Governor Andrew Bailey said on Monday that he does not see inflation causing a serious problem in the medium to long-term, while repeating his concerns about crypto assets, saying they were dangerous. Elsewhere, investors awaited data on US personal consumption and PCE inflation later this week. A higher-than-expected core inflation could revive talks of an early monetary policy tightening by the Federal Reserve. [/s2If]
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