The pound is trading around the same levels against the euro and the dollar this morning ahead of the Bank of England’s monetary policy meeting tomorrow.
Experts say that the BoE will assess the UK’s employment situation before confirming the date for an interest rate rise. It’s thought that most members will continue to be cautious when commenting on the economic outlook, although a ‘hawkish’ surprise could benefit the pound.
COVID-19 case numbers continue to fall, which could be touched on by the Bank of England tomorrow in terms of the economic impact. Scientists say that a further surge in cases following the July 19 reopening is now unlikely, although things could change again when the weather turns in autumn.
PMI data for July will be released later, showing how the services and manufacturing industries performed.
