AGL 23.20 Increased By ▲ 0.26 (1.13%)
AIRLINK 110.94 Decreased By ▼ -0.35 (-0.31%)
BOP 5.27 Increased By ▲ 0.02 (0.38%)
CNERGY 3.73 Increased By ▲ 0.01 (0.27%)
DCL 8.08 Increased By ▲ 0.09 (1.13%)
DFML 43.55 Increased By ▲ 3.28 (8.15%)
DGKC 87.90 Decreased By ▼ -0.10 (-0.11%)
FCCL 22.03 Increased By ▲ 0.04 (0.18%)
FFBL 42.42 Increased By ▲ 0.22 (0.52%)
FFL 8.93 Increased By ▲ 0.38 (4.44%)
HUBC 151.49 Decreased By ▼ -1.80 (-1.17%)
HUMNL 10.44 Decreased By ▼ -0.01 (-0.1%)
KEL 4.45 Decreased By ▼ -0.05 (-1.11%)
KOSM 3.85 No Change ▼ 0.00 (0%)
MLCF 36.81 Increased By ▲ 0.01 (0.03%)
NBP 47.80 Decreased By ▼ -0.19 (-0.4%)
OGDC 131.70 Decreased By ▼ -0.10 (-0.08%)
PAEL 26.32 Increased By ▲ 0.17 (0.65%)
PIBTL 6.06 Increased By ▲ 0.03 (0.5%)
PPL 115.65 Increased By ▲ 0.15 (0.13%)
PRL 22.60 No Change ▼ 0.00 (0%)
PTC 12.59 Increased By ▲ 0.01 (0.08%)
SEARL 55.40 Decreased By ▼ -0.29 (-0.52%)
TELE 7.25 Increased By ▲ 0.05 (0.69%)
TOMCL 37.50 Increased By ▲ 0.50 (1.35%)
TPLP 7.84 Decreased By ▼ -0.01 (-0.13%)
TREET 15.26 Decreased By ▼ -0.04 (-0.26%)
TRG 54.65 Increased By ▲ 0.10 (0.18%)
UNITY 31.90 Increased By ▲ 0.04 (0.13%)
WTL 1.18 Increased By ▲ 0.01 (0.85%)
BR100 8,356 Increased By 11.6 (0.14%)
BR30 26,288 Decreased By -59.1 (-0.22%)
KSE100 79,180 Increased By 192.5 (0.24%)
KSE30 25,388 Increased By 22.6 (0.09%)

LONDON: The pound edged higher on Monday, attempting to break a three-week losing streak versus the US dollar as hawkish comments from Bank of England policymakers continued to support the currency.

Interest-rate setter Catherine Mann argued in a speech during afternoon trading that the central bank should raise rates faster than it has done so far because the pound’s weakness was adding to inflation pressures in Britain.

The BoE raised its benchmark interest rate by a further 25 basis points to 1.25% last Thursday and said it was ready to act “forcefully” if needed to stamp out dangers posed by inflation. Mann was one of three BoE policymakers who wanted a 50 bps BoE rate hike last week.

Investors are waiting for a series of economic indicators, including inflation data on Wednesday, to get a sense on how fast interest rates can rise without triggering a recession.

While the British government said on Monday it does not expect the economy to go into negative territory, the Confederation of British Industry warned last week that the economy faces stagnation next year and could easily fall into recession.

Markets are putting an 80% chance on a half-point rise in August and expect almost 100 basis points of tightening by September but these odds could move higher if inflation proves higher than expected.

Comments

Comments are closed.