The GBP/USD is trapped near recent lows close to 1.3150 ahead of today, with little impactful news on released today and continued Brexit confusion taking the wind out of buyers’ sails.
There is no key or impactful events on the economic calendar, and the only event for the GBP side is the low-impact CBI Industrial Orders survey for June, which last came in at -3 and is expected to come in today at a reading of 1.
Later on in the US session is another story, with a trio of major central bank speeches scheduled for 13:30 GMT with the US Fed’s Powell, the European Central Bank’s (ECB) Draghi, and the Reserve Bank of Australia’s (RBA) Lowe all delivering their notes at the same time, though market sentiment will be driven mostly by what the Fed’s Jerome Powell has to say today.
Elsewhere on the UK to-do list is Brexit negotiations, which continue to deliver little or no good news as the Irish border issue continues to remain unresolved and the House of Lords recently retracting Prime Minister Theresa May’s voting win, and further complicating the exit negotiation process.
Talks continue to break down as both sides consistently fail to reach concessions on key topics, and the EU’s Bernier recently warned that the UK needs to be prepared for a hard Brexit scenario.
The main focus is tomorrows BoE meeting, we will get an idea Mark Carney’s views on rate rises in the UK.