{"id":73003,"date":"2018-04-17T08:36:37","date_gmt":"2018-04-17T08:36:37","guid":{"rendered":"http:\/\/www.bnreport.com\/pound-reaches-new-post-brexit-vote-high-as-traders-wait-for-key-wages-data\/"},"modified":"2018-04-17T08:36:37","modified_gmt":"2018-04-17T08:36:37","slug":"pound-reaches-new-post-brexit-vote-high-as-traders-wait-for-key-wages-data","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/pound-reaches-new-post-brexit-vote-high-as-traders-wait-for-key-wages-data\/","title":{"rendered":"Pound reaches new post-Brexit-vote high as traders wait for key wages data"},"content":{"rendered":"

The pound rose to another post-Brexit-vote high this morning against the dollar as US President Donald Trump<\/a> talked down the greenback and traders anticipated wage data to confirm a course for a rate hike next month.<\/p>\n

Sterling traded at highs of 1.4373 this morning, its highest point since 23 June 2016 when the vote to leave the EU prompted a collapse.<\/p>\n

Sterling has strengthened notably over the course of the last year as the risks of a hard Brexit have diminished, while the dollar has also weakened.<\/p>\n

\"A<\/p>\n

Read more<\/strong>: Businesses set to boost investment and expect price inflation to slow<\/a><\/p>\n

Trump added further pressure to the dollar yesterday in a tweet which criticised Russia and China for "playing the Currency Devaluation game", implying his desire for a weak dollar. Some of Trump's top advisers believes a weak dollar will help US manufacturers, a key electoral target.<\/p>\n

However, recent rises in the pound can also be put down to fundamental data as economists anticipate an interest rate hike from the Bank of England<\/a> (BoE), which has given clear signals that domestic inflationary pressures in the UK are building.<\/p>\n

The pound's strength can be put down to "seasonal trends, the anticipation of a May BoE rate hike and a politically weak US dollar", according to Viraj Patel, foreign exchange strategist at ING.<\/p>\n

"It seems that were back to good old-fashioned UK data watching to determine the short-term direction for the currency," Patel added. "A three per cent wage growth print in todays UK jobs report should seal the deal for a May BoE hike."<\/p>\n

Read more<\/strong>: Sterling jumps as UK wage growth accelerates<\/a><\/p>\n

Sterling is now the best-performing of the major currencies against the dollar during 2018, said Hussein Sayed, chief market strategist at FXTM.<\/p>\n

He said: "While the dollar weakness partly explains sterlings strength, higher risk appetite, Brexit negotiations, and surging short-term interest rates were the key attributes to the surging pound."<\/p>\n

The Office for National Statistics will release its latest estimate of average wage growth today at 9:30am, with three per cent expected by economists for the annual rate of earnings increase including bonuses.<\/p>\n

That would also officially put an end to a year in which real wages \u2013 pay adjusted for inflation \u2013 have fallen consistently, denting the power of the consumer to spend.<\/p>\n

Read more<\/strong>: Dollar firms as pound maintains strong gains<\/a><\/p>\n

<\/a><\/strong> <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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