Sterling held steady below recent seven-week highs versus the euro on Tuesday and ticked down against the firmer dollar in a quiet session. Investors are awaiting this week's British data to see if it reinforces the view that Bank of England interest rates are unlikely to fall soon.
Wednesday brings the Confederation of British Industry's August orders survey and the second estimate of second-quarter growth is due on Friday.
Earlier in August, the Bank of England cut interest rates for the first time in two years, bringing them down by a quarter point to 4.50 percent.
But recent comments from BoE policymakers and better-than-expected data suggest the central bank is not in a rush to lower borrowing costs further, supporting sterling.
By 1350 GMT sterling stood at 67.91 pence per euro, steady on the day, having spent the entire session in a 30-tick range. It rose to a seven-week high of 67.60 on Monday.
The euro is expected to face resistance at around its 100-day moving average around 68.13 pence. The pound stood at $1.7985, slightly down on the day.
Comments
Comments are closed.