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Forex News: Pound Advances Amid BoE Vlieghe's Testimony

Pound Advances Amid BoE Vlieghe's Testimony

05/22/2018 - 05:51:00 (RTTNews)

(RTTNews) - The pound climbed against its major counterparts in early European deals on Tuesday, after the Bank of England policy maker Gertjan Vlieghe remarked that U.K. interest rates would rise very gradually over the next few years.

Speaking to the Treasury Committee, Vlieghe said his prediction for growth and inflation is consistent with a gradually rising path of interest rates.

"My own central projection will require one or two quarter point rate increases per year over the three-year forecast period."

"That path would bring us closer to the neutral policy rate, which I continue to think is likely to be well below the neutral rate that prevailed before the recession," he added.

The pound climbed to 1.3434 against the franc and 0.8758 against the euro, from its early near a 2-month low of 1.3367 and a weekly low of 0.8789, respectively.

The U.K. currency hit 4-day highs of 1.3491 against the dollar and 149.73 against the yen, reversing from its early low of 1.3413 and a 5-day low of 148.77, respectively.

The next possible resistance for the pound is seen around 1.36 against the franc, 0.86 against the euro, 1.37 against the dollar and 151.00 against the yen.

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