Sterling remains above 1.2700 despite ongoing US dollar strength, while EUR/GBP nears multi-week support. A central bank bonanza lies ahead next week at the Jackson Hole Symposium.
is ending the week in reasonable shape against the US dollar and is showing gains against a range of other G7 currencies. The expectation of higher UK rates in the coming months is underpinning the British Pound and is driving UK government bond yields ever higher. While the rate-sensitive UK 2-year mirrors the UK Bank Rate, longer-dated gilt yields are pushing ever higher with the 10-year benchmark hitting highs not seen since 2008.
The latest look at the health of the UK high street earlier today showed shoppers keeping their hands in their pockets. Retail sales in July remained weak and missed market forecast by a margin.Cable is ending the week around one point higher despite ongoing US dollar strength. The pair are forming a short-term trading range that is unlikely to break ahead of the start of Jackson Hole. A two-point range with support at 1.2620 and resistance at 1.
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