Focus on BoE Mann – Scotiabank comments

Sterling (GBP) has moved lower in line with the broader USD trend year to date, notes Shaun Osborne, chief FX strategist at Scotiabank.

GBP is strengthening

“PM Starmer is in Germany to try to rebuild UK/EU ties – a potential upside in GBP. BoE MPC member Mann, who dissented in favor of a hold on the MPC’s last policy decision, speaks at 8.15am ET. A generally firm run of UK data reports in the recent past would not have eased its concerns about an ‘upward ratchet’ in wage trends.”

“GBP is consolidating but has put minor trend support at 1.3235 back in the session, suggesting a bit more short-term drift may develop. A lower close of the session could form a bearish “harami” candle. GBP support is at 1.3180.”