Sterling remains relatively elevated despite recent US Dollar strength. This week may make life a bit tougher for Sterling bulls
However, MPC member Catherine Mann said on February 8 she is worried that Red Sea supply chain disruptions could result in stickier inflation in the UK, as increased costs are quickly passed on to consumers.
That’s probably one reason why the Pound remains relatively high compared to the past two years’ action, even as the Dollar has strengthened of late.and average earnings figures all due. Core inflation was running at an annualized 5.1% in December, well above the BoE’s 2% target but still clearly relaxing from its 7.1% May peak.
It’s clear that the first Fibonacci retracement of the long rise up to last July’s peaks from the lows of late September 2022 remains very much in play as a support level, as indeed it has since November. It comes in just a whisker above the 1.25 level.It will be interesting to see what would happen if the uptrend from those 2022 lows were to coincide with that retracement, as it seems it’s about to do in a very few days.
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