News Column

Pound Advances Before BOE Minutes

July 22, 2014

BRUSSELS (Alliance News) - The pound strengthened against most major currencies in the Asian session on Wednesday as the traders await the Bank of England's minutes of its July Monetary Policy Committee meeting.

The minutes of the BoE's recent monetary policy committee meeting, due at 4:30 am ET, is likely to provide the details of how nine MPC members voted when the panel decided to keep borrowing cost at a record low of 0.5%.

The Bank of England retained the benchmark interest rate at 0.5% and the asset purchase facility at GBP 375 billion in the recent meeting.

The Governer Mark Carney is scheduled to participate in a debate on the Global Economy in Glasgow University at 7:45 am ET.

The pound rose to 2-year highs of 0.7884 against the euro and 1.5406 against the Swiss franc, from early lows of 0.7893 and 5390, respectively. If the pound extends its uptrend, it is likely to find resistance around 0.77 against the euro and 1.55 against the franc.

Moving away from an early low of 1.7057 against the US dollar, the pound climbed to 1.7072. The pound may test resistance near the 1.71 region.

Looking ahead, UK mortgage approvals for June is due in the European session.

At 10:00 am ET, Eurozone consumer sentiment index for July is set to be published.

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Source: Alliance News

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