Sterling remains firm, holding just under its recent high as UK shop prices rise, according to Scotiabank’s Daily FX Update by Shaun Osborne and Eric Theoret. The report notes that markets are not pricing in further Bank of England easing until mid-year, reflecting a shift in easing risk.

GBP shows strength on price data

“Data released late yesterday showed that UK shop prices remain elevated. The British Retail Consortium’s index of commonly purchased goods jumped 1.5% this month, the strongest gain in nearly two years.”

“Spot retains a lot of bullish moment, according to the DMI oscillators, and new cycle highs, which will reinforce the bull trend appear to be a matter of time.”

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