Despite a tough morning, sterling finished Monday in a positive fashion, making very slight gains across the board ahead of Bank of England (BoE) Governor Mark Carney’s briefing to Parliament today. There was no significant economic data released on Monday, and markets remained flat throughout the day, as investors seemingly held their breath ahead of more influential releases later in the week. Sterling did rally late in the day, however, to hit a fresh two-and-a-half week high against the US dollar.
Today we will see BoE Governor Carney testify before the parliamentary committee on the central bank’s thoughts regarding the upcoming EU referendum, and what contingency plans are in place should the nation vote to leave. With monetary policy likely to react significantly to the result of the referendum, investors will be listening keenly to Carney’s words.
If you are looking to buy or sell sterling, we suggest contacting your trader now for live rates, news and currency-purchasing strategies.