Daily FX Commentary
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Daily FX Commentary
Mon, Jul 14 2008, 10:25 GMT
CPI data key for Sterling direction
Sterling found support close to 0.80 against the Euro for most of the day, but dipped through this level late in US trading as liquidity declined and global financial risk increased.
A bid approach for the Alliance & Leicester banking group, assumed to be from Santander, provided some Sterling support on expectations over merger-related capital inflows.
UK input producer prices rose 2.1% in June with output prices rising 0.9% over the month. The monthly rate of increases has slowed and was below expectations, but the annual rates were 30.3% and 10.0% respectively which will maintain inflation fears and limit initial selling pressure.
The consumer inflation data will be watched very closely on Tuesday as the data will have a key impact on interest rate expectations. A lower than expected increase would undermine near-term Sterling support with increased speculation that the Bank of England would be able to move towards an interest rate cut within the next few months.
Published on Mon, Jul 14 2008, 10:26 GMT
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