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The pound holds on to recent gains
Published: 8 May at 9 AM Tags: Pound Sterling, Euro Exchange Rate, Euro Crisis, UK, Economy, Inflation,
The pound held on to the strong gains made on Tuesday after the Organisation for Economic Co-operation and Development (OECD) predicted that the UK economy will grow by 3.2% in 2014 and 2.7% in 2015 which if it materialises will make the UK one of the fastest growing G10 economies over the period.
In its accompanying statement, the OECD stated that "The recovery has picked up to a robust pace, with a very accommodative monetary policy and an improving labour market supporting household consumption. Economic activity is expected to continue to be sustained by household spending and further boosted by a pick-up in investment. Headline inflation has fallen below the 2% inflation target, but is projected to slightly exceed it [at 2.1%] by late 2015 as economic slack is taken up."
The OECD also noted that the Bank of England (BoE) has moved towards a looser form of its ‘forward guidance’ policy following the decline in the unemployment rate to below 7%, adding that "policy interest rates are expected to begin to rise in 2015 as economic slack narrows and inflation pressures gradually build up".
Data wise, yesterday was dominated by the latest testimony from US Federal Reserve Chair Janet Yellen who told the Joint Economic Committee of the US Congress that she expects economic activity in the US to grow this year at a faster rate than it did in 2013 but warned against risks from geopolitics, emerging markets and the housing market.
Yellen also added that conditions in the labour market continue to be “far from satisfactory” and that a “substantial amount of slack remains in the labour market” pointing out that both the share of the labour force that has been unemployed for more than six months and the number of individuals who work part time but would prefer a full-time job are at historically high levels.
Yellen also noted that current stock market valuations and those for residential real estate are within their historical norms.
Today sees the latest policy announcements from both the Bank of England (BoE) and the European Central Bank (ECB).
In its accompanying statement, the OECD stated that "The recovery has picked up to a robust pace, with a very accommodative monetary policy and an improving labour market supporting household consumption. Economic activity is expected to continue to be sustained by household spending and further boosted by a pick-up in investment. Headline inflation has fallen below the 2% inflation target, but is projected to slightly exceed it [at 2.1%] by late 2015 as economic slack is taken up."
The OECD also noted that the Bank of England (BoE) has moved towards a looser form of its ‘forward guidance’ policy following the decline in the unemployment rate to below 7%, adding that "policy interest rates are expected to begin to rise in 2015 as economic slack narrows and inflation pressures gradually build up".
Data wise, yesterday was dominated by the latest testimony from US Federal Reserve Chair Janet Yellen who told the Joint Economic Committee of the US Congress that she expects economic activity in the US to grow this year at a faster rate than it did in 2013 but warned against risks from geopolitics, emerging markets and the housing market.
Yellen also added that conditions in the labour market continue to be “far from satisfactory” and that a “substantial amount of slack remains in the labour market” pointing out that both the share of the labour force that has been unemployed for more than six months and the number of individuals who work part time but would prefer a full-time job are at historically high levels.
Yellen also noted that current stock market valuations and those for residential real estate are within their historical norms.
Today sees the latest policy announcements from both the Bank of England (BoE) and the European Central Bank (ECB).
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Source: moneytransfer.co.uk