British pound sterling rose towards $1.30 as Bank of England rate hike bets weaken

The British pound sterling advances and recovers $1.30 on Wednesday. Sterling was boosted above $1.31 to 10-month highs earlier this week as the greenback weakens and as investors bet that the 25 basis point cut in the British interest rates could be reversed in the coming month after last year’s Brexit poll.

However, the Bank of England policymakers have made it clear that any economic tightening will be data-dependent and doubt that any interest rate hike could occur later soon. In accordance to this, Manuel Oliveri, a strategist at Credit Agricole said in an interview at the Global markets forum that whenever he look at currencies, he likes to start positioning and according to their data positioning: the British pound sterling is flat.

Big drop in United States fuel stocks made oil prices steady

Thursday, as the falling United States crude stocks boosted the market, the price of oil remained steady. Brent crude futures were down by 2 cents and were trading at $49.66 a barrel. The United States West Texas Intermediate, on the other hand, were also down by 2 cents from their last close and were trading at $47.10 a barrel.

Oil prices jumped for more than 1.5% in the previous session for both crudes on a report showing United States crude and fuel stocks fell in the United States last week.