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BoE To Determine Sterling Rebound

BoE To Determine Sterling Rebound

The Bank of England meeting today is the major focus in the calendar with the central bank expected to keep interest rates unchanged at 0.10%. The tone is expected to be more upbeat as the data from the UK economy has been positive. However, the prospect of a third wave of Covid which has delayed the reopening of the UK is likely to ensure that they remain in ‘wait and see’ mode before altering policy. The meeting in August is likely to be more decisive as we should have a clearer view of the speed in which the UK economy will reopen.

As for rates, both GBP/USD and GBP/EUR traded pretty flat yesterday with the UK currency closing around the 1.3960 against the Dollar and 1.17 against the Euro come the end of the US session. The EUR/USD picked up to highs of 1.1970 before tailing off and dropping back down to the 1.1930 mark.

 

Data To Watch 

12:00 – GBP – Monetary Policy Summary

12:30 – GBP – MPC Official Bank Rate Votes

13:30 – USD – Quarterly GDP Figures

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