Daily Currency Update

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Bank of England meeting today

GBP - British Pound

The pound continued to rally against the US dollar in the run up to the Bank of England (BoE) rate decision. The BoE monetary policy committee (MPC) is scheduled to announce their latest decision at 12pm on Thursday.

Economic figures continue to add pressure on the MPC to wind down its stimulus measures, which could be positive for the British currency. Traders are looking for mention of the rising inflation levels in the UK, which again could be sterling positive, as it could lead to the BoE tightening monetary policy sooner than expected.

Key Movers

The manufacturing PMI for the US rose by 0.5 to 62.6 in June. It shows a continued expansion in the manufacturing sector in the US. The US dollar had a muted response to the reading; however, it certainly shows signs of improvement in the US economy, therefore creating a more positive global outlook to trade. Further to this, the flow of the US current account deficit increased by 11.8% last quarter, suggesting that trade continues to pick up.

Expected Ranges

GBP/USD: 1.3885-1.4095 ▲

GBP/EUR: 1.1635-1.1820 ▲

GBP/AUD: 1.8335-1.8530 ▲

GBP/CAD: 1.7090-1.7275 ▲