Sharjah24 – Reuters: Sterling edged higher versus the euro on Monday, with investors focusing on the Bank of England's next moves to tame inflation while avoiding recession risks.
The pound lost ground against a strengthening dollar as concerns about a prolonged war in Ukraine boosted demand for safe-haven assets. Read full story
Bank of England Governor Andrew Bailey will give a speech on Monday; Deputy Governor Ben Broadbent will speak on Wednesday.
The pound rose 0.05% to 83.32 pence per euro/ EUROGBP=
Against the U.S. dollar, it fell 0.25% to $1.315, not far from the $1.3 it hit on March 15, the lowest level since November 2020. GBP=
"EUR and GBP have indeed moved in tandem in recent weeks, and EUR/GBP may not weaken much more below the 0.8300 mark," ING analysts said in a note to clients.
"Cable, instead, may well extend its current downtrend towards the key 1.3000 support," they added.
Recent policy updates from the BoE and Fed kept downward pressure on Sterling as the BoE's last monetary policy meeting signalled more caution over plans for further policy tightening.
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