All Eyes on the GBP & Governor Andrew Bailey

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All Eyes on the GBP & Governor Andrew Bailey

All Eyes on the GBP & Governor Andrew Bailey

The British pound rose for the first day in five against a softening dollar on Tuesday as risk-sentiment improved, helping to push sterling towards the 10-month high it reached last week.

The pound was last up 0.4% at $1.2431, having dropped on the four previous trading sessions.

The Bank of England is not scheduled to hold a policy meeting until next month, but Governor Andrew Bailey is scheduled to speak on today and could give clues on the future path for monetary policy.

Providing insights into the latest BoE thinking will be Governor Andrew Bailey. There is a risk that he hints at a pause, having seen fellow central bankers in Australia and Canada do so over recent months. On that subject, the Bank of Canada is widely expected to keep the policy rate at 4.50% when it meets today, with the market pricing a 25bp cut by the end of the year.

Back to sterling. US CPI and Governor Bailey’s speech should be the key drivers today.

We see 1.25 as a strong barrier for GBP/USD and favour EUR/GBP higher – especially if the BoE governor gives a nod to a pause in May.

Wednesday 12th April High Impact Events

The times below are GMT+3

15.30 – US – CPI & Core CPI m/m

Potential instruments to Trade: USD Crosses.

16.00 – UK – BoE Gov Bailey Speaks

Potential instruments to Trade: GBP Crosses.

17.00 – Canada – BoC Monetary Policy Report, BoC Rate Statement, Overnight Rate

Potential instruments to Trade: CAD Crosses.

18.00 – Canada – BoC Press Conference

Potential instruments to Trade: CAD Crosses.

21.00 – US – FOMC Meeting Minutes

Potential instruments to Trade: USD Crosses.

22.15 – UK – BoE Gov Bailey Speaks

Potential instruments to Trade: GBP Crosses.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 33.33% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.Read our Risk Disclosure.

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