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Forex News: Pound Strengthens As BoE Rate Cut Expectations Recede

Pound Strengthens As BoE Rate Cut Expectations Recede

05/27/2024 - 12:47:00 (RTTNews)

(RTTNews) - The pound firmed against its major counterparts in the New York session on Monday, amid fading expectations of a rate cut from the Bank of England in June.

Last week's U.K. inflation figures for April reduced the chances of an interest rate cut at the next meeting in June and an August cut looks likely.

Polls suggest that Conservative Party is likely to be defeated after 14 years in power. The general election will be held on July 4.

Traders await key U.S. inflation data due out later this week for clues on the Fed's monetary policy path.

Trading volumes were thin due to holidays in the U.K. and U.S. for the late May bank holiday and Memorial Day, respectively.

The pound advanced to a 4-week high of 200.39 against the yen and near a 2-year high of 1.1678 against the franc, from its early lows of 199.61 and 1.1644, respectively. The pound is poised to challenge resistance around 204.00 against the yen and 1.19 against the franc.

The pound climbed to more than a 2-month high of 1.2777 against the greenback and more than a 9-month high of 0.8496 against the euro, off its early lows of 1.2728 and 0.8520, respectively. The pound is seen finding resistance around 1.29 against the greenback and 0.83 against the euro.

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