- GBP/USD had quite a day yesterday coming off by just under one percent to below 1.2350 before recovering and closing the day up by one third of a percent at 1.2505.
- The US dollar continued to strengthen during the early part of the day following Federal Reserve member Harker’s speech on Monday evening being more hawkish than expected.
- Sterling strengthened later in the day off the back of comments from external MPC member Kirstin Forbes that suggested an increase in the UK interest may soon be warranted.
- Forbes believes that there is too much easy money in the UK economy which is performing well, and this could well overcook prices in the future. (PoundSterlingLive).
- MP’s last night voted to reject amendments to alter the Brexit bill as the Commons finished another day of examination of the bill which gives the Prime Minister the power to trigger Article 50. (BBC News).
- GBP/EUR closed the day above 1.17 after a strong day for sterling. This represented a 1% increase.
- Today we have MPC member Cunliffe speaking the Greater Birmingham Chamber of Commerce.
- Following that we have Crude Oil data from the US at 3.30pm before data from New Zealand at 8pm.
- We have New Zealand official cash rate, rate statement, monetary policy statement at 8pm and then the accompanying press conference from RBNZ at 9pm.