The Bank of England was in the spotlight yesterday as Governor Mervyn King and other members testified. The BoE warned that the risks to the economy remain tangible and that while it agrees on interest rate policy, its members are not in agreement regarding other issues such as inflation and austerity measures. The Sterling maintained its gains made from the previous day of trading and continues to inch towards its high water marks. Today the Nationwide HPI will be published and an estimate of minus -0.2% is anticipated. The U.K. has turned in better than forecasted data the past week, but storm clouds still exist and it is logical to believe that not all the data will continue to be positive. There will be no major data from the U.K. tomorrow. The Sterling has done particularly well the past couple of weeks and may provide opportunity for traders seeking to range trade today.
Written by bforex.com
