Wed, August 03, 2016
The Pound strengthened before the BOE on Thursday delivers its second post-Brexit interest-rate decision, where the BOE are expected to cut the record low interest rate.
Sterling pared Tuesday’s gain against the Dollar which was the biggest in three weeks. Markit Economics said its Purchasing Managers Index slid to 47.4 in July from 52.3 in June, below the 50 level that shows contraction. The gauge hasn’t been this weak since March 2009, when the BOE cut its benchmark interest rate to a record-low 0.5% and introduced quantitative easing to aid the economy.
The key to Britain making a success of its decision to leave the EU is to allow the pound to devalue and encourage manufacturing, according to businessman John Mills, a major donor to the opposition Labour Party.
The Pound rose 1.1% to 1.3329 as of 4:46 p.m. yesterday, up from a 31-year low of 1.2798 on July 6. It rose 0.6% to 1.1871 against the Euro.
Data to look out for today.
15:00: USD ISM Services/Non-Manufacturing Composite
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| Day | Time | Currency | Event |
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| WED | 07:45 | EUR | EUR Markit/ADACI Italy Services PMI | WED | 07:45 | EUR | EUR Markit/ADACI Italy Composite PMI | WED | 07:50 | EUR | EUR Markit France Services PMI | WED | 07:50 | EUR | EUR Markit France Composite PMI | WED | 07:55 | EUR | EUR Markit Germany Services PMI | WED | 07:55 | EUR | EUR Markit/BME Germany Composite PMI | WED | 08:00 | EUR | EUR Markit Eurozone Services PMI | WED | 08:00 | EUR | EUR Markit Eurozone Composite PMI | WED | 08:30 | GBP | GBP Markit/CIPS UK Composite PMI | WED | 08:30 | GBP | GBP Official Reserves (Changes) | WED | 08:30 | GBP | GBP Markit/CIPS UK Services PMI | WED | 09:00 | EUR | EUR Euro-Zone Retail Sales (MoM) | WED | 09:00 | EUR | EUR Euro-Zone Retail Sales (YoY) | WED | 11:00 | USD | USD MBA Mortgage Applications | WED | 12:15 | USD | USD ADP Employment Change | WED | 13:45 | USD | USD Markit US Services PMI | WED | 13:45 | USD | USD Markit US Composite PMI | WED | 14:00 | USD | USD ISM Services/Non-Manufacutring Composite | WED | 14:30 | USD | USD DOE U.S. Crude Oil Inventories | WED | 14:30 | USD | USD DOE Cushing OK Crude Inventory | WED | 14:30 | USD | USD DOE U.S. Gasoline Inventories | WED | 14:30 | USD | USD DOE U.S. Distillate Inventory |
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*These are indicative rates only, based on interbank prices at the time of writing. For exact rates please contact our dealing team
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