GBP appreciated against the US dollar by 0.35 percent while GBPINR depreciated by 0.39 percent in the same time frame.
BOE member McCafferty’s hawkish comments on future interest rate policy helped the pushed the chances of increase in interest rates for the May meeting. Also, the Halifax HPI came in at 1.5% for Mar’18 against market expectations of 0.1%. Manufacturing production data from UK came in at -0.2% for Mar’18 against market expectations of 0.2%.
  • GBPINR trading range for the day is 92.44-93.12.
  • GBP traded in range amid expectations that BOE will raise rates in May and hawkish comments by policymaker Ian McCafferty offered further encouragement.
  • Growing expectations of an interest rate increase next month and a recent agreement on a transition deal for when Britain quits the EU next year.
  • British manufacturing output fell unexpectedly in February, its first drop in almost a year, that added to signs that the economy may have slowed in the first quarter.
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