Sterling climbs for second straight session
Sterling rose in European trade against dollar for another session on prospects of increasing monetary policy and raising interest rates by the Bank of England to counter increasing inflationary pressures.
GBP/USD rose 0.2% to 1.3788, with an intraday low at 1.3756, after climbing 0.1% yesterday, the first profit in three days, resuming the gains of yesterday away from five-week highs at 1.3835.
Bank of England is scheduled to meet next week on November 4 to discuss monetary policies appropriate for economic development amid prospects of cutting down the assets purchases program in a step that might lead to raising interest rates.
Markets are pricing in a 60% chance of policy tightening by the Bank of England in order to control the increasingly out of control inflation.
Bank of England Governor Andrew Bailey said last week the central bank will have to clearly move to control inflation and counter potential risks.
| Symbol | Last | Change | Chg.% | ||
|---|---|---|---|---|---|
|
|
|
1.1321
|
0.0051
|
0.4507%
|
|
|
|
|
1.3324
|
0.0014
|
0.1086%
|
|
|
|
Tadawul
|
10810.60
|
-60.02
|
0.55%
|
|
|
|
|
22.855
|
-0.190
|
0.822%
|
|
|
|
|
68.509
|
-3.892
|
5.376%
|
|
|
|
|
70.84
|
-2.60
|
3.54%
|
|
|
|
|
1792.300
|
7.210
|
0.404%
|
|
