Re­cov­ery of pound looks bleak

The Pak Banker - - MARKETS/SPORTS -

LON­DON: Ster­ling de­pre­ci­ated against most of its 16 ma­jor peers last week as Prime Min­is­ter David Cameron stepped up lob­by­ing ef­forts to reach a deal that may al­low him to hold a vote as early as June. Pound bulls hop­ing for a sus­tained re­cov­ery in the cur­rency may be dis­ap­pointed as this week brings a com­bi­na­tion of do­mes­tic data and a Euro­pean Union (EU) sum­mit that may con­firm the tim­ing of the UK's ref­er­en­dum on its mem­ber­ship. Ster­ling de­pre­ci­ated against most of its 16 ma­jor peers last week as Prime Min­is­ter David Cameron stepped up lob­by­ing ef­forts to reach a deal that may al­low him to hold a vote as early as June. A date is only likely to be set, though, fol­low­ing the EU sum­mit in Brus­sels from Fe­bru­ary 18 to 19. Re­ports this week are fore­cast to show in­fla­tion and wage growth re­mained lit­tle changed, ac­cord­ing to econ­o­mists in Bloomberg sur­veys. "Data will be the main driver for the pound," said Thu Lan Nguyen, a cur­rency strate­gist at Com­merzbank in Frank­furt.

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