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Wednesday 1st March 2017

In testimony to the Treasury Select Committee, new Monetary Policy Committee (MPC) member Hogg stayed close to the bank’s recent script.

In testimony to the Treasury Select Committee, new Monetary Policy Committee (MPC) member Hogg stayed close to the bank’s recent script and there was no market impact. There was choppy trading surrounding the Afternoon fix, but the UK currency was unable to gain sustained support, especially with real yields continuing to move against Sterling. The Euro edged towards 0.8550 on the day and the UK currency was unable to hold above 1.2450 against the dollar. Scottish First Minister Sturgeon stated that a new independence referendum may be the only way for Scotland, maintaining a significant element of market unease surrounding the political outlook and the government could face defeat on in the House of Lords on an amendment to the Brexit Bill. Dollar developments dominated as Sterling retreated to below 1.24. The latest PMI data will be watched closely on Wednesday while shop prices fell 1.0% in the year to February.

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