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GBP Headed For Weekly Gain on Prospect of Tighter Monetary Policy

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The pound was set for a weekly advance against the dollar as the prospect of tighter monetary policy in the U.K. combined with pared bets for U.S. rate rises.

Sterling, which touched a one-week high on Friday, has stayed relatively well supported in the face of U.K. economic data missing forecasts and uncertainty related to Brexit. That comes after some Bank of England policy makers called for a move away from stimulus and higher interest rates. The British currency climbed versus a broadly weaker dollar, as U.S. headline inflation data due on Friday is seen slowing, and after Federal Reserve Chair Janet Yellen signaled on Wednesday the central bank won’t rush to tighten monetary policy.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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