Sterling steady as markets await BoE speech

The pound sterling held steady on Monday against both the dollar and euro as traders awaited a speech by Bank of England policymaker Catherine Mann and key UK economic data. Sterling edged up 0.08 per cent to $1.2407 and remained flat at 83.2 pence per euro.

While currencies of major steel and aluminium exporters moved following US tariff announcements, the impact on the pound was muted. Investors are now focused on Mann’s speech on economic prospects and UK business activity data due Thursday.

Mann, previously one of the BoE’s most hawkish members, surprised markets last week by backing a 50-basis-point rate cut, beyond the expected 25-basis-point reduction.

Attribution: Reuters

Subediting: M. S. Salama