Carney says 'gradual' rate rises are coming

USD  JPY Daily Chart- Pivot Points

The Pound outlook jumped as the bank, as well as BoE Governor Mark Carney, indicated that there may need to be a United Kingdom interest rate hike in the coming months if the economy continues to perform near its current pace.

Disappointing US economic data releases has seen the Dollars slump against all its rivals, with the GBP once again the strongest performer as investors continue to price in an expected interest rate hike from the BOE.

In his speech, Mr Carney also discussed the impact of globalisation, demographics and technology on the world economy and monetary policy.

GBP USD Forecast: Fed Rate Decision on the HorizonMarkets are now preparing for tomorrow's big September rate decision from the US Federal Reserve, with many claiming that the Fed will announce the tapering of its bloated $4.2 trillion Dollar balance sheet and perhaps even hint at a rate hike sometime in December.

Economists at HSBC released a note on 18 September saying they expect two interest rate rises by March 2018.

"We are approaching the moment when the bank rate may need to rise", Gertjan Vlieghe of the BOE's Monetary Policy Committee said.

U.S. oil stockpiles grow 4.6 million barrels
United States oil inventories jumped last week even as rising imports offset a partial recovery at the country's refineries. West Texas Intermediate crude finished at Friday's session unaltered from the prior session at $49.89 per barrel.

Inflation beat expectations in August rising 0.3% to 2.9%, its highest since 2012, as it continued to feel the effects of the sterling devaluation following the UK's vote to leave the European Union a year ago.

Global equity markets closed out the week mixed - Dow +0.29%, S&P 500 +0.18%, FTSE -1.10%, DAX -0.17%, CAC Closed%, Nikkei +0.52%, Shanghai -0.53%.

He added that any looming increases in borrowing costs likely will be gradual in pace and limited in extent. Economic growth slowed in the first half of the year and inflation has accelerated to nearly 3%.

"Governor Mark Carney's speech at the International Monetary Fund (IMF) maintained the view that the Bank of England (BoE) is paving the way for a hike in interest rates sooner rather than later with a move in November a very real possibility".

Inflation hit 2.9% in August as the effects of the slump in sterling following the Brexit vote continued. There was however a 1.1 per cent drop in the number of workers from eight of the EU's most recent eastern European member states, including Poland and the Czech Republic, to 997,000 in the three months to June from the same period a year ago.

It had been pressured earlier as traders digested comments made on Monday by Bank of England Governor Mark Carney.

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