14 Jul 2015
GBP/USD extends gains above 1.5600 amid BoE rate hike talk
FXStreet (Córdoba) - GBP/USD gained momentum after David Miles (member of the MPC at the Bank of England) said that the time for a rate hike is getting closer. The pair rose from 1.5585 and peaked at 1.5638, hitting a fresh 1-week high.
Cable started to recover on Friday when it rose from 1.5350, above 1.5500; and today is breaking above 1.5600. Currently is trading 300 pips above last week lows.
BoE offset UK CPI data
The pair remains near the highs and is headed toward the strongest close since July 1. The pound is the best performer in the currency market supported by several statements from BoE policymakers. Overall they suggested that the time for a rate hike is approaching. Miles went further and said the inflation is likely or increase sharply in 2016.
The monetary policy outlook offset today’s economic numbers form the United Kingdom. The CPI remained unchanged in June against expectation of a 0.1% rise.
Cable started to recover on Friday when it rose from 1.5350, above 1.5500; and today is breaking above 1.5600. Currently is trading 300 pips above last week lows.
BoE offset UK CPI data
The pair remains near the highs and is headed toward the strongest close since July 1. The pound is the best performer in the currency market supported by several statements from BoE policymakers. Overall they suggested that the time for a rate hike is approaching. Miles went further and said the inflation is likely or increase sharply in 2016.
The monetary policy outlook offset today’s economic numbers form the United Kingdom. The CPI remained unchanged in June against expectation of a 0.1% rise.