GBP Trading Outlook (19-07-2012)
The Sterling (GBP) closed at opening levels but was well supported on a pullback in the European session. The MPC minutes from the last bank of England interest rate meeting where a surprise to the market with a 7-2 split. The two dissenters did not agree that expanding the QE was needed and that other measures announced were sufficient. Looking ahead, May EU Current Account forecast at 5.3bn vs. 3.6bn previously. Also June Retail Sales forecast at 0.6% vs. 1.4% previously.
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