The BoE minutes of the recent monetary policy meeting and the latest inflation reading have added to beliefs that the central bank might maintain its “wait and watch” stance. Meanwhile, labour market data just out has surprised on the upside with jobless benefit claims unexpectedly declining for July, which could prove positive for the Pound in today’s session.
In the US, the recent recovery in the labour market is acting as a catalyst in reviving household spending activity, evidenced from yesterday’s better than expected retail sales data. Markets will keep a close eye on today’s inflation and regional manufacturing data to gauge how long the Fed can keep its powder dry.
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