Economic news

Pound inches higher amid weaker dollar

The pound gained on Monday as the greenback slid versus major currencies and traders awaited economic figures that could underpin the currency after the Bank of England last week leaved rates on hold and cut its growth forecasts.

Photo: Reuters

Sterling climbed 0.4 percent to $1.3589 and was unchanged versus the euro at 88.20 pence.

On Thursday the central bank keeped interest rates unchanged as anticipated but downgraded its growth and inflation outlooks for this year and next, pushing the pound to a four-month trough versus the U.S. dollar. The step left investors anxious over possibility of rates increases at all this year.

Analysts at ING consider that solid unemployment numbers on Tuesday could send the currency on a trajectory toward $1.37-1.38 range. 

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