The pound traded flat at $1.335, near its highest in two weeks, as investors awaited new catalysts and the dollar remained under pressure following last week’s disappointing US jobs data. Gains for sterling were capped by the Bank of England’s cautious tone. Governor Andrew Bailey pointed to a slowing UK economy and stated the BoE would not act hastily in response to rising oil prices. He confirmed inflation remains on track to hit 2%, albeit later than previously forecast, and ruled out imminent rate cuts. In UK politics, markets assessed the likelihood of Ed Miliband becoming Chancellor, with fiscal concerns easing after Andy Burnham’s pledge for discipline. Sterling is unlikely to see major political impact until late July, when Burnham is expected to take office as Prime Minister.