Tajuk : The pound is rallying as it recovers from a post-election dip
link : The pound is rallying as it recovers from a post-election dip
The pound is rallying as it recovers from a post-election dip
LONDON — The pound is up against the dollar and euro on Tuesday morning as it continues to stabilise following a post-election dip.
Sterling dropped sharply last week after the election resulted in a hung parliament, but it has stabilised since May moved towards a formal minority government propped up by the Irish party DUP and started to rally following sustained falls on Monday.
As of 8.13 a.m. BST (3.13 a.m. ET) the pound is up 0.19% against the greenback. Here is the chart:
Investing.com
And here’s how it looks against the euro:
Investing.com
In focus on Tuesday will be on UK inflation figures, with investors looking for any increase in the consumer price index, with Bank of England governor Mark Carney citing post-Brexit weakness as the main driver of inflation.
Konstantinos Anthis, an analyst at ADS Securities, writes in a morning note: “The British pound will make headlines today in light of the release of the inflation figures scheduled for early in the afternoon.
Unfortunately for the sterling bulls, the inflation report is expected to print in a bearish manner this month on the back of lower energy prices.The pound has been in the red since last week following the General elections’ result and PM May’s loss of the majority in the Parliament,” he said.
“The pound has been in the red since last week following the General elections’ result and PM May’s loss of the majority in the Parliament. The bias for sterling remains negative and a move below the $1.265 lows would expose the $1.26 level. However, do keep in mind that any Dollar weakness following the Fed meeting might limit pound’s losses against the Dollar making the Euro a more appropriate currency to sell the Sterling against.
“However, do keep in mind that any Dollar weakness following the Fed meeting might limit pound’s losses against the Dollar making the Euro a more appropriate currency to sell the Sterling against,” Anthis added.
Read more stories on Business Insider, Malaysian edition of the world’s fastest-growing business and technology news website.
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