Sterling maintained its hold on things yesterday against most majors and thus pushing past 1.38 against the euro for a 2nd time in two days. The seemed in conjunction with the announcement that the BoE would maintain interest rates at the current level of 0.5%. We have seen GBP strengthen this year against AUD, NZD, EUR and CAD this year. The only data of any real interest today is consumer inflation – with deflation a potential hazard for the UK, this could be a release to keep an eye on.
The ECB also has a meeting yesterday at which it was decided that the base rate would still be kept where it is at 0.05% and that more government bonds will be purchased to the tune of €60Bn. This will happen every month until Sep’16.
Across the pond, we had an increase in jobless claims numbers yesterday which were up from 313K to 320K. Today will see non-farm payrolls data out – the better the number the better the result for the dollar.
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