Sterling's Slip Amid Economic Data Deluge
Sterling declined modestly at the week's start amidst anticipation of economic data releases that may impact interest rate expectations. While British house prices stagnated, future mortgage lending looks promising due to rate cuts. Traders eye GDP data for insights, amidst broader global trade negotiations with the U.S.
The British pound took a dip on Monday, marking a subdued beginning to a week where pending economic reports could reshape interest rate forecasts. Globally, investors kept a tense watch on looming U.S. tariff deadlines.
Sterling weakened by 0.3%, reaching $1.3601 against the dollar, while maintaining its rate against the euro at 86.23 pence. Uncertainty surrounding UK public finances and the Labour Party's welfare policy shifts fueled speculation about the finance minister's stability.
This week, investors are tuned into a slew of data, with Monday revealing stagnant June house prices post-tax change in April. Improvement in mortgage lending, driven by recent rate cuts, offers optimism. GDP results later in the week could shed light on economic health, while international trade discussions continue as Britain strives to eliminate tariffs on key exports.
(With inputs from agencies.)
ALSO READ
Bank of England's Rate Cut Prospects Dwindle Amidst Inflation Concerns
Punjab Traders Stand United Against Government's Tax Authority Powers
Lahore Traders Triumph: Protests Halt Historic Demolition
Karnataka Traders Strike Over UPI-Driven GST Notices
GST Notices Over UPI Data Stir Controversy Among Karnataka Traders
Google News