Sterling edges up as BoE says no tension in UK banking system

Reuters2023-03-28

By Joice Alves LONDON, March 28 (Reuters) - Sterling hovered around a two-month high on Tuesday as the Bank of England (BoE) said Britain was not experiencing stress linked to the demise of Silicon ...

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Against the euro, sterling edged 0.1% lower to 87.91 pence per euro. \n \"Focus is still very much on the perceived stability in the banking system,\" said Simon Harvey, head of FX analysis at Monex, adding that sterling would be sensitive also to U.S. regulators' comments. \n Top U.S. banking regulators plan to tell Congress that the overall financial system remains on solid footing after recent bank failures, but that they will comprehensively review their policies in a bid to prevent future collapses. \n \"Should their comments show more perceived concern over financial stresses than markets are currently assuming in equity and CDS (credit default swaps) prices, we expect cable (GBP/USD) to drop back to the low-$1.22 mark,\" Harvey said. \n In the data front, market researcher Kantar said British grocery inflation rose again in March to a record 17.5%, inflicting more pain on consumers battling a cost-of-living crisis. \n The BoE raised interest rates last week by 25 basis points to 4.25%, but said a surprise resurgence in inflation would fade fast, prompting speculation it had ended its run of hikes. \n Money markets are now pricing in a 50% chance of no BoE interest rate increase and the same probability of a 25 bps hike in May. \n (Reporting by Joice Alves; Editing by Bernadette Baum)","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2322529252"}