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Weekly roundup: Pound gears up for busy week of UK data

currency-newsWeekly roundup: Pound gears up for busy week of UK data
The pound climbed last week, although the currency’s gains appeared to be hamstrung by a lack of impactful data.

The only real release of note for the pound last week was Chancellor Philip Hammond’s Spring Statement, with his upbeat growth forecasts for 2018 helping to buoy Sterling at the start of the week.

This left the GBP exchange rate largely at the mercy of external influences for the second half of the week, which saw the Pound drift higher amid rising global trade tensions.  

On the other hand this week’s data calendar is set to deliver significantly more movement for the GBP exchange rate.

This will kick off with the release of the UK’s latest inflation figures on Tuesday, with a potential dip in inflation likely to bring some much needed relief to consumers and possibly strengthening the pound.

Any gains may then be extended on Wednesday with the publication of January’s employment figures, with Sterling sentiment likely to be bolstered by an uptick in wage growth figures.

Thursday will then see the Bank of England (BoE) hold its March rate decision.

While the BoE is not expected to make any alterations to its monetary policy this week, markets are hopeful that policymakers will signal the possibility of a rate hike in May, likely further buoying the pound.

However one possible hurdle for GBP this week will be the summit of EU leaders on Thursday in which Brexit will likely dominate/ Leaders are set to decide whether formal trade decisions can finally get underway.
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