LONDON, Jan 12 — Sterling made marginal gains today against the dollar and the euro, as attention remained on US inflation data due later in the session for clues on future rate hikes in the world’s largest economy.
Britain’s murky economic backdrop remains in focus for traders, with a survey today showing its construction sector stagnated at the end of last year, with home-building particularly hard hit in the face of rising borrowing costs. “A lack of optimism surrounding the outlook keep GBP soft for now,” Mizuho senior economist Colin Asher said in a note. He forecasts the pound will reach US$1.31 versus the dollar by the fourth quarter of 2023.
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