The English pound was moderately changed on Monday as the chief of the Bank of England prepared for the quarterly release of forecasts for inflation data and additional economic information later this week, Bloomberg reports.
The monetary unit of the U.K. is coming off marking its biggest advance in seven months against the common currency of the European Union after the European Central Bank last week cut interest rates, which came as a surprise move by the financial body. Governor Mark Carney with the Bank of England is set to release new projections on Wednesday regarding inflation.
"The issue for the Bank of England is how to present their new forecasts without looking foolish," UK economist Brian Hilliard with Societe Generale told Reuters on Monday. "The bottom line is that the Bank doesn't want to raise rates."
The pound retained last week's advance of 0.6 percent against the world's reserve currency on Monday. Sterling surged 1.5 percent against the euro last week.
Carney is set to release strong regional data regarding the labor market, development and growth, and weaker inflation gains, according to Reuters.
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