Pound pinned near 1.42, address by BoE quartet awaited

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LONDON, May 24 Reuters Britains pound held in a tight range on Monday, trading just shy of 1.42 as analysts set their eyes on an address by four policymakers from the Bank of England to a parliamentary subcommittee.

Gains in recent weeks have brought the pound back within touching distance of a nearly threeyear high of 1.4240 against the dollar, a level it hit in February this year.

Bets that Britains COVID19 vaccine rollout would facilitate a quicker reopening of its economy have kept those gains intact, and have left sterling the second best performing G10 currency against the dollar this year, trailing only the commoditydriven Canadian dollar.

After three national lockdowns, Britain has been able to reopen its economy according to the governments planned schedule so far, although concerns remain about the variant of the coronavirus first discovered in India.

Economic data has also been encouraging for the pounds outlook, with strong retail sales and surveys of purchasing managers beating consensus forecasts.

By 0800 GMT, sterling was 0.1 higher on the day at 1.4167 and flat to the euro at 86.08 pence.

GBP is holding onto recent gains well. Recent reports suggest vaccines are effective on the Indian variant and that the UK economy is still on track for a full reopening on June 21st, said ING in a note to clients.

BoE governor Andrew Bailey and outgoing chief economist Andrew Haldane will address a Treasury Select Committee of the UK parliament at 1430 GMT,…

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