The pound dipped around half a cent against the dollar today as investors turn their attention to Thursdays Bank of England inflation report, while the dollar continues to benefit from the uncertainty surrounding Greece. GBP/USD exchange rates fell from $1.5265 to a low of $1.5203 during today's session, wiping off some of the gains Sterling made against the dollar last week.
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On Thursday morning Bank of England Governor Mark Carney will hold a press conference regarding the central bank's quarterly inflation report. It is likely the report will support last weeks decision to keep interest rates at 0.5% and could give us an indication that interest rates will remain at the current level for longer.
The pound has fallen around 12% against the dollar since July last year as expectations of a rate hike keep getting pushed back. The dollar is also benefitting from the recent global uncertainty with Greece currently dominating the headlines. With Greece on the verge of defaulting and talk of the country leaving the Eurozone, investors have been seeking the safety of the dollar which in turn has made it more expensive to buy.
I will keep you updated with the week's events as they unfold.
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