British Pound Sterling banknotes are seen at the Money Service Austria company’s headquarters in Vienna, Austria, November 16, 2017. — Reuters picLONDON, April 21 — Sterling held its ground against the dollar today as traders assumed a rise in inflation in March would have little impact on monetary policy and waited for crucial activity and retail sales data due at the end of the week.
“CPI isn’t a story that will be driving sterling in the short term”, said Jeremy Stretch, a foreign exchange strategist at CIBC Financial markets. In the short term, Stretch said, investors will focus on Friday’s UK Composite Purchasing Managers’ Index to gauge the strength of Britain’s economic recovery.
Analysts at Rabobank wrote on Tuesday that the rise on the currency may soon resume due to positive economic conditions.
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