Market News
Sterling edges down versus euro before economic data and BoE Bailey speech - REUTERS
Feb 11 (Reuters) - Sterling edged down versus the euro and was unchanged against the dollar as investors awaited economic data on both sides of the Atlantic and a speech from Bank of England Governor Andrew Bailey later in the day.
BoE policymaker Catherine Mann said that UK price rises in the year ahead would be consistent with the bank's target, the FT reported.
Mann, previously the most hawkish member of the Monetary Policy Committee, joined Swati Dhingra last week in seeking a bigger rate reduction to 4.25%. The bank instead cut its rate by a quarter of a percentage point to 4.5%.
Markets are gearing up for U.S. inflation data on Wednesday and British gross domestic product (GDP) figures due on Thursday, which could affect expectations for the BoE's rate path.
"We expect disappointing monthly GDP data to continue in December, with services output flatlining and manufacturing and construction activity both declining," said Sanjay Raja, senior economist at Deutsche Bank.
Sterling was down 0.15% at 83.40 pence per euro . It hit 82.88 pence a week ago, its lowest level since January 8.
