1417 GMT - Sterling could edge higher ahead of an expected interest-rate increase by the Bank of England on May 11 and as markets estimate the BOE rate to rise a total of around 71 basis points, writes ING forex strategist Francesco Pesole. "Unless there is a clear push-back by the BOE at the policy meeting, the pound may not lose its solid momentum just yet" he writes. "We think that EUR/GBP should trade at 0.90 in the second half of the year, but may hover around 0.8850 for now, while some USD softness may trigger another break above recent highs [for GBP/USD] of 1.2543." Risk-averse markets cause sterling to fall on Tuesday, with GBP/USD last at 1.2393 and EUR/GBP at 0.8866. (miriam.mukuru@wsj.com)
(END) Dow Jones Newswires
April 25, 2023 10:17 ET (14:17 GMT)
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