LONDON, Jan 12 — Sterling steadied today within striking distance to its recent highs versus the dollar and the euro, as investors focused on possible rate increases from the Bank of England.
Meanwhile, markets were unwilling to price in risks of domestic political instability, although Prime Minister Boris Johnson has faced intense scrutiny after a series of gatherings at his official residence during a lockdown. The greenback slid to its weakest since mid-November against significant peers after Federal Reserve Chair Jerome Powell said it may take several months to make a decision on running down the central bank’s US$9 trillion balance sheet.
“The pound remains better positioned as long as markets continue to see prospects of a further aggressive tightening by the Bank of England this year,” Unicredit analysts said.Bank of England Deputy Governor Jon Cunliffe will speak today at a conference starting at 1415 GMT.
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