Sterling tilted higher away from February 14 lows against the dollar for the second straight session, following earlier data from the US, and amid a lack thereof from Britain.
As of 06:03 GMT, GBP/USD rose 0.19% to 1.3982 from the opening of 1.3956, with an intraday high at 1.4005, and a low at 1.3905.
Bank of England Deputy Governor David Ramsden participated in a panel discussion titled “Tackling the UK’s Productivity Challenge” at the East of England Confederation of British Industry event, in Cambridge, where he pointed to weak productivity as a challenge for monetary policy, while a clear transition deal for Brexit would lessen uncertainty in the market.
UK Prime Minister Theresa May’s spokesman said that the Brexit Committee meeting was positive, and the Committee approved May’s speech to be made before the European Union, while asserting that Britain will seek a deal that leads to further trade freedom with the EU.
Federal Reserve Bank of New York President William Dudley participated in a panel discussion about the Fed’s balance sheet at the United States Monetary Policy Forum, in New York, while Federal Reserve Bank of Cleveland President Loretta Mester will participate in a panel discussion about monetary policy objectives at the United States Monetary Policy Forum, in New York.
The Federal Reserve released its biannual report on monetary policy discussions and outlook for Congress to review, as Federal Reserve Chair Jerome Powell testifies before the Senate Committee on Banking, Housing, and Urban Affairs and to the House Committee on Financial Services and submit a report on monetary policy and Fed’s outlook.
Federal Reserve Bank of San Francisco President John Williams will speak about economic and monetary policy at the City Club of Los Angeles, while earlier this week, the Federal Reserve released the minutes of the January 30-31 meeting, at which policymakers held interest rates unchanged between 1.25% and 1.50%, while expecting inflation to settle at 2% in the next 12 months.