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Sterling plumbs one-month low

News Date: 9/8/2016 05:08:27
 
Sterling gave up further ground on Tuesday after a Bank of England official voiced his support for more easing after the central bank cut interest rates to record lows and expanded its bond-buying program to face off the risks of Britain's exit from the European Union.

Sterling last traded at 1.3012 against the dollar, down 0.23% on the day, and after hitting a one-month trough at 1.2968, while giving up 0.30% versus the euro to hover around 0.8526.

Oil prices also dropped today on profit-taking after a surge on Monday, with Brent crude futures down 12 cents, or 0.26% to $45.27 a barrel, while U.S. crude futures shed four cents, or 0.10% to trade at $42.98 a barrel.

Global stocks rose today as risk sentiment keeps rising, with Japan's Nikkei index jumping 0.69%, while the pan-European FTSEurofirst 300 index climbed 0.15% to near a one-week high.

Investors await a bunch of data later today, with Canada's housing starts for July expected to fall to 196 thousand units from June's 218K, which could weigh on the Canadian dollar today.

From the U.S., wholesale inventories are forecast to have stayed exactly the same in June after May's 0.1% rise, while noticing that the more inventories fall the more demand it indicates from the markets.

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