The pound euro exchange rate is 0.116% higher with 1 GBP = 1.1420 EUR at 9 AM in London.
The pound dollar exchange rate is 0.067% higher with 1 GBP = 1.6435 USD.
The pound Australian dollar exchange rate is 0.077% higher with 1 GBP = 1.5667 AUD.
The morning pound exchange rate forecasts from UBS are unclear on the EUR GBP rate: "A push above 0.8886 would trigger a bull trend while a move below 0.8643 would trigger a bear trend."
The pound vs dollar forecast says, "The pair is testing 1.6478; a move above this level would expose 1.6547. Initial support lies at 1.6256."
Looking ahead for the British Pound we see that BoE Minutes are due today and currency analysts at UBS expect the two voters for hikes last time to withdrawal their decisions and the committee voted unanimously to stay on hold. On the asset purchase vote Adam Posen is expected to be the lone individual in favour.
CPI came in above expectations at 4.4%y/y. The figures triggered a letter from BoE Governor King to the
Chancellor, which ultimately contained very little new information. In his reply the Chancellor emphasised the
government’s commitment to fiscal consolidation.
UK labour data is also due, claimant count is expected to rise by 20k and the ILO unemployment rate to stay at 7.7%.
