On Monday we saw USA- PMI Data release 1.2% below the forecasted 47.5 at 46.3%, this caused the Dollar to lose ground against both Pound (1.1442) & Euro (1.0904).

Overall, the month of March was quite supportive for Sterling with GBPEUR closing the month at 1.1370 and GBPUSD closing at 1.2320. With positive GDP for the UK and a relatively stable budget, there weren’t too many surprises for Sterling sellers over the month.

UK- BOE Gov. Bailey Speech – On Monday, at the London School of Economics the Governor gave clear hints that interest rates may have to go higher in order to lower consumer prices, and this will take front seat priority for the BoE compared to the recent banking turmoil.

The Pound stagnated, following the news that food inflation had hit a 15 year high.

Last week was pretty jam-packed as far as announcements were concerned with the Fed and the BoE both raising interest rates by 25bps. For both central banks, it is still unclear what the forward guidance is- but with inflation still being an issue I would still not rule out further hikes over the year.

The Bank of England (BoE) has raised the UK interest rates by 0.25 basis points to 4.25% to combat double-digit inflation.

UK Core Inflation and Inflation Rate YoY (FEB) was forecast to drop by 0.1% (5.7%) and 0.2% (9.9%) respectively, but came in much higher at 6.2% and 10.4%, respectively. MoM inflation also rose by 0.5% to 1.1%. This will pose a big question for the BoE as a double-digit inflation may require more than the forecasted 25 basis points hike.

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