BoE Governor Bailey’s comments in Jackson Hole on Friday reflected a cautious outlook on near-term policy, notes Shaun Osborne, chief FX strategist at Scotiabank.
BoE Governor Bailey maintains cautious outlook on monetary policy
“Bailey said it was too early to declare victory on inflation as price growth has not returned sustainably to target. The comments support market assessment suggesting policymakers will likely wait for more data before cutting rates again later this year (November). GBP is down marginally in quiet trade, with UK markets closed for the bank holiday.”
“Cable losses are marginal from Friday’s high of 1.3230 (highest since early 2022). Spot is consolidating ahead of minor trend support at 1.3178; weakness below trend support today could trigger a deeper correction in Cable, but trend dynamics here remain bullish, suggesting limited scope for weakness for now and potential for gains to extend to 1.3330 going forward.”
“Cable support looks firm at 1.3125/30.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
